| Commentary

66 Subsequent gifts

| Commentary

66 Subsequent gifts

Although it is not envisaged that any transfer of beneficial ownership in the capital will be made at the inception of this partnership, the intention will clearly be that such transfers will be made in due course, either by way of lifetime gifts or by way of a gift on death. In the scheme of gifts, clause 14 in the family farming partnership agreement1 is an important provision. Where the land forms part of the assets of the partnership, agricultural property relief on the agricultural value of that land as well as business relief2

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