To ask the Chancellor of the Exchequer what account the Valuation Office Agency takes of the effect of flooding of the market in assessing the value of a property for the purposes of inheritance tax. (284080)

The value of a property for inheritance purposes is the price that it might reasonably be expected to fetch if sold on the open market, which will fully reflect the state of the market at that particular time.

However section 160 of the Inheritance Tax Act 1984 contains specific provisions to ensure that the value of property within a large estate is not reduced on account of all the property being placed on the market at the same time.