Valuing estate and interest therein for tax
Valuing estate and interest therein for tax
- 1994
- Times 24 February 1994, 38(2) .
"Gray v Inland Revenue Commissioners" CA 9 February 1994 concerned the valuation of farmland for capital transfer tax. Held that a tenanted freehold estate and a partnership interest which held the tenancy could be valued together as a single unit of property for CTT purposes. The Lands Tribunal has jurisdiction to value composite assets as an interest in land. (See Lady Fox`s Executors v IRC, LT ABS46487)
PROPERTY-LANDLORD AND TENANT-TENANCIES-AGRICULTURAL TENANCIES
CAPITAL TRANSFER TAX
FARMING PARTNERSHIP
FARMLAND
FINANCE ACT 1975 S38
FREEHOLD INTEREST
FREEHOLD REVERSION
LADY FOXS EXECUTORS V IRC
PARTNERSHIP SHARE
VACANT POSSESSION VALUE
Valuation
VALUE
"Gray v Inland Revenue Commissioners" CA 9 February 1994 concerned the valuation of farmland for capital transfer tax. Held that a tenanted freehold estate and a partnership interest which held the tenancy could be valued together as a single unit of property for CTT purposes. The Lands Tribunal has jurisdiction to value composite assets as an interest in land. (See Lady Fox`s Executors v IRC, LT ABS46487)
PROPERTY-LANDLORD AND TENANT-TENANCIES-AGRICULTURAL TENANCIES
CAPITAL TRANSFER TAX
FARMING PARTNERSHIP
FARMLAND
FINANCE ACT 1975 S38
FREEHOLD INTEREST
FREEHOLD REVERSION
LADY FOXS EXECUTORS V IRC
PARTNERSHIP SHARE
VACANT POSSESSION VALUE
Valuation
VALUE