Baird`s Executors v Inland Revenue Commissioners
Baird`s Executors v Inland Revenue Commissioners
- 1991
- Estates Gazette (1991) 09 EG 129-135 .
LTS/CTT/1988/1 14 June 1990. Considers whether renunciation of an agricultural tenancy is a chargable transfer for capital transfer tax under Finance Act 1975 s20(2) . Tenancy held since 1935 on implied reletting under original lease granted in 1921 to transferor and his father. In 1936 tenant`s interest made over to transferor by his father. In 1959 landlord accepted transferor`s son as joint tenant. In 1977 the transferor renounced tenancy in favour of daughter-in-law and grandson. Valuation by district valuer based on open market value in terms of Finance Act 1975 s38(2) assuming hypothetical sale of tenant`s interest not prevented by prohibition against assignment based on the Inland Revenue Commissioners v Crossman HL decision. LT held that the transferor was entitled to only a one-half share in tenancy as at the day of his renunciation of the lease on 22 December 1977. Determined the value of the relevant half-share in the tenancy to be £69,000 being half the Inland Revenue`s d
PROPERTY-LANDLORD AND TENANT-TENANCIES-AGRICULTURAL TENANCIES
BAIRDS EXECUTORS V INLAND REVENUE COMMISSIONERS
CAPITAL TRANSFER TAX
HALF SHARE
SCOTLAND
TEST CASE
VALUE
LTS/CTT/1988/1 14 June 1990. Considers whether renunciation of an agricultural tenancy is a chargable transfer for capital transfer tax under Finance Act 1975 s20(2) . Tenancy held since 1935 on implied reletting under original lease granted in 1921 to transferor and his father. In 1936 tenant`s interest made over to transferor by his father. In 1959 landlord accepted transferor`s son as joint tenant. In 1977 the transferor renounced tenancy in favour of daughter-in-law and grandson. Valuation by district valuer based on open market value in terms of Finance Act 1975 s38(2) assuming hypothetical sale of tenant`s interest not prevented by prohibition against assignment based on the Inland Revenue Commissioners v Crossman HL decision. LT held that the transferor was entitled to only a one-half share in tenancy as at the day of his renunciation of the lease on 22 December 1977. Determined the value of the relevant half-share in the tenancy to be £69,000 being half the Inland Revenue`s d
PROPERTY-LANDLORD AND TENANT-TENANCIES-AGRICULTURAL TENANCIES
BAIRDS EXECUTORS V INLAND REVENUE COMMISSIONERS
CAPITAL TRANSFER TAX
HALF SHARE
SCOTLAND
TEST CASE
VALUE