IHTM46054 - Downsizing: Disposals: qualifying former residential interest: disposal under contract
For the purposes of the identification and nomination of qualifying former residential interests, a disposal of a residential property interest occurs when there has been completion of that disposal. If the disposal is under a contract which is completed by a conveyance, the disposal occurs at the time when the interest is conveyed, or in other words, at the time the sale contract is completed.
The 鈥榲alue鈥� of the interest disposed of here, and reference to 鈥榲alue鈥� throughout this chapter is the open market value provided for by IHTA84/S160.