A liability in respect of which there is a right to reimbursement shall be taken into account only to the extent (if any) that reimbursement cannot reasonably be expected to be obtained.
Subject to subsection (3) below, where a liability falls to be discharged after the time at which it is to be taken into account it shall be valued as at the time at which it is to be taken into account.
In determining the value of a transferor's estate immediately after a transfer of value, his liability for inheritance tax shall be computed—
A liability which is an incumbrance on any property shall, so far as possible and to the extent that it is not taken to reduce value in accordance with section 162B, be taken to reduce the value of that property.
Where a liability taken into account is a liability to a person resident outside the United Kingdom which neither—
it shall, so far as possible and to the extent that it is not taken to reduce value in accordance with section 162B, be taken to reduce the value of property outside the United Kingdom.