Lady Fox`s Exors v Inland Revenue Commissioners
Lady Fox`s Exors v Inland Revenue Commissioners
- 1992
- Estates Gazette (1992) 19 EG 173-175; (1992) 20 EG 121-123(6) .
LT 11 November 1991. Valuation of farmland was the disputed issue, IRC assessing for capital transfer tax, F`s estate at £4,280,768 rather than the £2,751,000 claimed. Further, the plaintiff objected to IRC`s inclusion of both freehold interest with partnership share as a single entity for valuation. The court allowed the appeal and accepted the lower figure. IRC v Crossman and Duke of Buccleuch v IRC considered.
PROPERTY-LANDLORD AND TENANT-TENANCIES-AGRICULTURAL TENANCIES
CAPITAL TRANSFER TAX
FARMING PARTNERSHIP
FARMLAND
FINANCE ACT 1975 S38
FOXS EXECUTORS V INLAND REVENUE COMMISSIONERS
FREEHOLD INTEREST
FREEHOLD REVERSION
PARTNERSHIP SHARE
Valuation
VALUE
LT 11 November 1991. Valuation of farmland was the disputed issue, IRC assessing for capital transfer tax, F`s estate at £4,280,768 rather than the £2,751,000 claimed. Further, the plaintiff objected to IRC`s inclusion of both freehold interest with partnership share as a single entity for valuation. The court allowed the appeal and accepted the lower figure. IRC v Crossman and Duke of Buccleuch v IRC considered.
PROPERTY-LANDLORD AND TENANT-TENANCIES-AGRICULTURAL TENANCIES
CAPITAL TRANSFER TAX
FARMING PARTNERSHIP
FARMLAND
FINANCE ACT 1975 S38
FOXS EXECUTORS V INLAND REVENUE COMMISSIONERS
FREEHOLD INTEREST
FREEHOLD REVERSION
PARTNERSHIP SHARE
Valuation
VALUE