LTS 14 June 1990. B relinquished the tenancy of a farm in Scotland in favour of his daughter-in-law and grandson in December 1977 shortly after his son`s death. The tenancy was held on tacit relocation under an original lease excluding assignees without the landlords consent and entered into by B and his father in July 1921. In 1936 the whole lease was made over to B and in 1959 B`s son was accepted as joint tenant. B died in 1985 and IRC claimed renunciation of the lease constituted a chargeable transfer under Finance Act 1975 s20 . An open market value could be gauged from other transactions at the time, however there was no direct evidence of open market value. B`s executors claimed the open market value criteria for the establishment of value under Finance Act 1988 s38 was subordinate to s20 and would only be applied where there could be shown to be a measurable diminution in value of the transfer`s estates by the transaction. Here there was none as the tenancy contained an expre