Commentary

I8.331 Valuation of partnership interests

IHT, trusts and estates

I8.331 Valuation of partnership interests

Partnerships

I8.331 Valuation of partnership interests

Partnerships do not have any special status for IHT purposes. Partners' interests are taxed under the general taxing provisions and are entitled to the usual reliefs and exemptions. A partner or prospective partner may incur an IHT charge mainly in five specific situations:

  1.  

    (a)     Forming a new partnership1

  2.  

    (b)     Varying the terms of a partnership agreement (for example on admitting a new partner)2

  3.  

    (c)     Making a gift of a partnership interest before death or retirement3

  4.  

    (d)     On death in service4

  5.  

    (e)     On retirement5

The possibilities to consider in connection with the first three of

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