Agricultural tenancies
Hart, C.
Agricultural tenancies - 2001 - Taxation 147(3805) 3 May 2001, 116-117(2) .
Confirms that both the freehold interest and tenancy will have a value for inheritance tax and capital gains tax in the part disposal on farmland subject to an agricultural tenancy. Discusses the "Baird" method of valuation, for use where both parties can claim to be bona fide special purchasers of the other's interest, and the "Walton" method, which should be adopted where neither party can be shown to be willing to purchase the other's interest, but notes that different approaches can be adopted in respect of the two interests. Observes that it can pay for family members not to act as connected persons in such circumstances.
BAIRDS EXECUTORS V INLAND REVENUE COMMISSIONERS
CAPITAL GAINS TAX
FREEHOLD INTERESTS
INHERITANCE TAX
PART DISPOSAL
VALUATION METHODS
WALTONS EXECUTORS V INLAND REVENUE COMMISSIONERS
Agricultural tenancies - 2001 - Taxation 147(3805) 3 May 2001, 116-117(2) .
Confirms that both the freehold interest and tenancy will have a value for inheritance tax and capital gains tax in the part disposal on farmland subject to an agricultural tenancy. Discusses the "Baird" method of valuation, for use where both parties can claim to be bona fide special purchasers of the other's interest, and the "Walton" method, which should be adopted where neither party can be shown to be willing to purchase the other's interest, but notes that different approaches can be adopted in respect of the two interests. Observes that it can pay for family members not to act as connected persons in such circumstances.
BAIRDS EXECUTORS V INLAND REVENUE COMMISSIONERS
CAPITAL GAINS TAX
FREEHOLD INTERESTS
INHERITANCE TAX
PART DISPOSAL
VALUATION METHODS
WALTONS EXECUTORS V INLAND REVENUE COMMISSIONERS