Land of any description wherever situated qualifies for the instalment basis1.
'Land' under the Interpretation Act 19782 includes buildings and other structures, land covered with water, and any estate, interest, easement, servitude or right in or over land but by IHTA 1984, s 272 does not include any estate, interest or right by way of mortgage or other security.
The Trusts of Land and Appointment of Trustees Act 1996 provides that (except in the case of Will trusts created by testators who died before 1 January 1997) land held under a trust for sale is not to be regarded as personal property. It therefore seems that, since
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