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A partner in a farming partnership has died and the agreement states the partnership must come to an end, but the two remaining partners are continuing to carry on the business, sharing profits equally
One of the partners in a farming partnership for which we act has died. The partnership agreement states that in this situation the partnership comes to an end.
The two remaining partners (the son and daughter-in-law of the deceased) have carried on the same trade in partnership since the date of death and they have agreed to share the profits and losses equally. A farm cannot simply be abandoned.
Accounts to the date of death have been drawn up although the normal accounting date is 31 March.
As far as self-assessment is concerned are the “old” and the “new” partnerships two distinct entities? And if so do we therefore need a new partnership tax reference and hence two lots of partnership pages for the partners who are still alive?
We also assume that no profit share since the date of death belongs to the executors and...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
