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...Flat management; A wee dram
Death on the farm
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...
