Walton`s Executors v Inland Revenue Commissioners
Walton`s Executors v Inland Revenue Commissioners
- 1994
- Estates Gazette 1994 38 EG 161-166(6) .
LT 11 March 1994. Appeal against a notice of determination under the Finance Act 1975 Sched 4 para 6 on the valuation of the deceased`s half share in an agricultural tenancy. The half share was regarded as a partnership asset whereby representatives of the deceased tenant must ensure that the benefit of the tenancy is transferred to the surviving or continuing partner. In this instance, the deceased`s partner son was the sole surviving tenant by right of survivorship. The tenancy was not assignable without consent of the landlord. LT rejected the Commissioners proposal that the value should be based on the vacant possession premium deciding that the property should be valued as an undivided beneficial interest in the joint tenancy as a partnership interest. Ruled that the value of the entire tenancy was £12,645 plus a sum in respect of improvements and tenant-right. The value of the deceased`s estate was £6300.
PROPERTY-LANDLORD AND TENANT-TENANCIES-AGRICULTURAL TENANCIES
CAPITAL TRANSFER TAX
HALF SHARE
HEADLEY WALTON
INLAND REVENUE COMMISSIONERS
JOINT TENANCY
PARTNERSHIP SHARE
TENANTS IN COMMON
Valuation
VALUE
WALTON CASE
LT 11 March 1994. Appeal against a notice of determination under the Finance Act 1975 Sched 4 para 6 on the valuation of the deceased`s half share in an agricultural tenancy. The half share was regarded as a partnership asset whereby representatives of the deceased tenant must ensure that the benefit of the tenancy is transferred to the surviving or continuing partner. In this instance, the deceased`s partner son was the sole surviving tenant by right of survivorship. The tenancy was not assignable without consent of the landlord. LT rejected the Commissioners proposal that the value should be based on the vacant possession premium deciding that the property should be valued as an undivided beneficial interest in the joint tenancy as a partnership interest. Ruled that the value of the entire tenancy was £12,645 plus a sum in respect of improvements and tenant-right. The value of the deceased`s estate was £6300.
PROPERTY-LANDLORD AND TENANT-TENANCIES-AGRICULTURAL TENANCIES
CAPITAL TRANSFER TAX
HALF SHARE
HEADLEY WALTON
INLAND REVENUE COMMISSIONERS
JOINT TENANCY
PARTNERSHIP SHARE
TENANTS IN COMMON
Valuation
VALUE
WALTON CASE