Commentary

I6.221 Partnership property and partners' property

IHT, trusts and estates

I6.221 Partnership property and partners' property

I6.221 Partnership property and partners' property

The IHT consequences of any disposition of property used in a partnership business will depend, in the first instance, upon whether that property is truly 'partnership property' or merely property of one or more of the partners, which is used for the purposes of the partnership business (whether at a rent or by gratuitous licence).

That is a question of fact, although often a complex one.

Broadly, however, property is partnership property if:

  1.  

    •     the partners expressly and unambiguously agree so1, or

  2.  

    •     it is bought with partnership money2, or

  3.  

    •     it is brought into

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