Taxation logo taxation mission text

Since 1927 the leading authority on tax law, practice and administration

New queries, issue 4267

10 August 2010
Issue: 4267 / Categories: Forum & Feedback
Valuation of farming land; cross-border Irish VAT registration; rollover relief on let properties; gifting a property subject to a charge

Capital connections

Until recently my client was a member of a mainly arable farming partnership but with a small milking herd two farmhouses and some let cottages. The partnership consisted of himself and his two brothers sharing capital and income profits equally.

Not being able to devote himself full-time to the farm and having outside interests my client retired from the partnership and was paid out in accordance with a formula set out in the partnership deed the latest version of which had been drawn up in 1988 following the death of their father who had previously been a partner.

The relevant part of the deed specified that in these circumstance the partners would obtain an open market valuation of the partnership land and assets and the retiring partner would then receive 80% of his relevant share (here one-third) of the open...

If you or your firm subscribes to, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or '' for further assistance.

back to top icon