000			01365cam a2200205 4500
001			ABS67779
008			040407n2004 000 0 eng u
035			_a(Sirsi) u125782
245			_aIHT value of tenancy in common share
260			_c2004
490			_aFarm Tax Brief _v19(2) March 2004, 3-4(2)
520			_aDiscusses the implications of "Williams' representatives v Inland Revenue Commissioners" (SPC/00392, 11 December 2003). The general principle is that the market value of the share of a joint owner of land is worth less than the relevant portion of the whole. However the Special Commissioner's decision in this case may require a rethink of this assumption. The Special Commissioner held that the value of the deceased's half share should be taken to be less than the mathematical half of the agreed value of the whole. This was decided on the basis that, if the property had been offered for sale prior to Williams' death, the purchaser of the half share would take it subject to the wife of the deceased's right to occupy the property for the rest of her life and that the deceased's half share was worth less than his wife's.
590			_aABS
590			_aABS
650			_aWILLIAMS' REPRESENTATIVES V INLAND REVENUE COMMISSIONERS
650			_aINHERITANCE TAX
650			_aMARKET VALUE
690			_aTAXATION-CASE LAW
942			_n0
999			_c117180 _d117180