Commentary

68.3 Inheritance tax

AGRICULTURE vol 2(2)
| Commentary

68.3 Inheritance tax

| Commentary

68.3 Inheritance tax

The effectiveness of a partnership such as this in enabling a tax effective transfer of value to be made to the next generation is limited by the provisions in the Finance Act 1986 relating to reservation of benefit. Gifts of valuable interests in a farming or any other business made while the donor remains a partner will almost certainly constitute gifts with a reservation, unless proper steps are taken to ensure that the donor either gives full consideration for any benefit reserved or agrees to such adjustment in terms as is required to make those terms

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to LexisLibrary or register for a free trial