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We act for a family farming partnership comprising mother (aged 94) and her son and daughter. The father was also a partner up to his death on 21 April 1973. The father owned the land farmed by the partnership, but died intestate. The land (and possibly the farmhouse itself thereafter occupied throughout by the son and his family) formed part of the residue of the father's estate and, under the intestacy rules, the mother acquired a life interest in one-half thereof, and the son and daughter one-quarter each.
We act for a family farming partnership comprising mother (aged 94) and her son and daughter. The father was also a partner up to his death on 21 April 1973. The father owned the land farmed by the partnership but died intestate. The land (and possibly the farmhouse itself thereafter occupied throughout by the son and his family) formed part of the residue of the father's estate and under the intestacy rules the mother acquired a life interest in one-half thereof and the son and daughter one-quarter each. The partnership has 'paid' a nominal rent of £1 000 a year which sum has been credited to the partners' capital accounts in proportion to their life interest.
We understand that the life interest taken by the widow under the rules of intestacy would not be subject to inheritance tax on the death of the mother (IHTA...
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