000			01760cab a2200313 4500
001			ABS51477
008			090401t1994 xxu||||| |||| 00| 0 eng d
035			_a(Sirsi) u29309
041			_aeng
245			_aWalton`s Executors v Inland Revenue Commissioners
260			_c1994
350			_a0
490			_aEstates Gazette _v1994 38 EG 161-166(6)
520			_aLT 11 March 1994. Appeal against a notice of determination under the Finance Act 1975 Sched 4 para 6 on the valuation of the deceased`s half share in an agricultural tenancy. The half share was regarded as a partnership asset whereby representatives of the deceased tenant must ensure that the benefit of the tenancy is transferred to the surviving or continuing partner. In this instance, the deceased`s partner son was the sole surviving tenant by right of survivorship. The tenancy was not assignable without consent of the landlord. LT rejected the Commissioners proposal that the value should be based on the vacant possession premium deciding that the property should be valued as an undivided beneficial interest in the joint tenancy as a partnership interest. Ruled that the value of the entire tenancy was £12,645 plus a sum in respect of improvements and tenant-right. The value of the deceased`s estate was £6300.
650			_aPROPERTY-LANDLORD AND TENANT-TENANCIES-AGRICULTURAL TENANCIES
650			_aCAPITAL TRANSFER TAX
650			_aHALF SHARE
650			_aHEADLEY WALTON
650			_aINLAND REVENUE COMMISSIONERS
650			_aJOINT TENANCY
650			_aPARTNERSHIP SHARE
650			_aTENANTS IN COMMON
650			_aValuation _96273
650			_aVALUE
650			_aWALTON CASE
690			_aTAXATION-CASE LAW
942			_n0
948			_c04/03/1997
999			_c19743 _d19743