A mere hope of something, or a right which is unenforceable, is not regarded as property for IHT purposes1.
HMRC considers that the question of whether a particular item is, or is not, a mere hope has to be considered on the basis of the facts existing at the date of valuation as a matter of general law. For example, farming grants and subsidies under various schemes used to be payable at the discretion of the relevant minister, but the issue of a cheque as a result of a claim was taken to be the irrevocable exercise of that discretion. Up to the moment
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