Has anyone any thoughts on the below? I have a case of a Deceased having a 50% beneficial interest in a freehold derived from the intestacy of her pre-deceased husband, the other 50% held in equal shares with her three children under statutory trust. The freehold consists of farm, farmland, commercial buildings and fishing lake, all held as tenant in common with her three children. So each had a present right to exercise co-ownership, per Denning LJ in Bull v Bull [1955] 1 QB,234 CA*:* “each and every tenant in common has the right to the use and enjoyment of the land in a proper manner” , and TOLATA 1996 s.12. She gifted pre Ingram all future income and proceeds of sale, retaining all remaining rights, i.e. use and enjoyment, with express desire to continue to reside in the Farmhouse, which she did up to DoD -equavlent to a lease reservation as life interest I would think. For IHT I think the pre*-Ingram* gift was effective- she had no exercise and control over the farm etc, even if she walked her dog over the land, and applying HMRC s’ view in IHTM14333 is reasonable and realistic. But I think the POA regime in FA 2004 Schedule 15 needs to be considered. I’ ve reached the para 3(1) gateway- she occupied relevant land, with her three other co-owners. Para 4(3) Schedule 15, says the rental value of the land is the rent which would have been payable for the property if it had been let to the chargeable person at an annual rent. But that could only be 50% of it at most- her maximum interest was 50%- she could not gift the other so the disposal condition only kicks in for her part, under para 3(4) . The rest was never hers. So its either 50% or 25% as I see it. I think its going to be 50% of the whole rents under para 4(3) as it created a new interest in land- the equitable right to income and capital of the 50%. Then for DV /V apply encumbered value over freehold value as per IHTM44012 the Xavier example. Any thoughts really appreciated.