Joint interest in land

Joint interest in land

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My client receives income through an old style IIP trust, which owns farm land from which an income is derived, some of the land is held outside the trust by third parties and the third party and trustees want to swop the parts of the land that they own so that they will own different parts of the land after the swop, is the land deemed to have been sold and reaquired for IHT purposes and therefore run the risk of falling into the relevant property trust regime? I am OK with the cgt side of things!

Many thanks

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