Where the property to be valued consists of a person's share of property held jointly, whether held under a tenancy in common or in beneficial joint tenancy, only that share has to be valued, unless the related property provisions1 apply2 — see I8.241 onwards.
Example
M owns a half share of a house.
| | |
| His share is valued at | | £190,000 |
| M's daughter owns the other half, similarly valued at | | £190,000 |
| The value of the house in single ownership would be | | £400,000 |
| If M gives his half share to his son, the value transferred is | | £190,000 |
Contrast the position where the other share is related property (owned by, say, his spouse). The value transferred would be £200,000 (half of the full value) — see I8.242A Example 1.
Where the transferor owns one part of the property in his free estate and is entitled to an interest in possession which includes the other half of the property, the property should be valued in its entirety, with
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