Commentary

I8.334 Gift of a partnership share

IHT, trusts and estates

I8.334 Gift of a partnership share

I8.334 Gift of a partnership share

If a partner has entered into an agreement whereby his interest accrues to another person automatically, or is subject to an option to purchase it, his rights will depend upon the true construction of the agreement but it is unlikely that he will have anything of value to give away, other than his right to profits in the meantime1.

Subject to any such overriding agreement, his entitlement under the Partnership Act 1890 s 44 is to the appropriate portion of the net assets of the partnership after all debts, loans etc have been paid. If

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