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02 May 2001
CHRIS HART and MARTIN SHEARD, vice-chairman and chairman of the taxation policy panel of the Royal Institution of Chartered Surveyors, comment further on the replies to a recent Readers' Forum query concerning agricultural tenancies
A recent query entitled 'Landlord and tenant' in Readers' Forum dated 1 March 2001 at page 528 concerned the part disposal of farmland subject to an agricultural tenancy. Such a transaction may raise a number of issues depending on the exact facts of the case. It is correct to say that for inheritance tax and capital gains tax purposes both the freehold interest and the tenancy will have a value either on death (for inheritance tax) or as at 1982 (for capital gains tax) where relevant this principle being established in a range of cases.
The method of valuation to be adopted will be either on:
- a going concern basis as held appropriate in Walton's Executor v Commissioners of Inland Revenue [1996] STC 68 or
- a percentage of vacant possession value as in Baird's Executors v...
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