Commentary

I8.333 Varying the terms of a partnership share

IHT, trusts and estates

I8.333 Varying the terms of a partnership share

I8.333 Varying the terms of a partnership share

So far as the possibility of making a transfer of value is concerned, varying the terms of a partnership is broadly similar to setting up a new one, except that the partners are now connected persons (unless the disposition is in favour of an incoming partner in which case the connected persons provisions may not apply1). The IHT implications of varying the terms of a partnership share are considered at I6.221B.

Difficulties are most likely to arise where the partners are related and there is a prima facie benefit to, say, a son

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