Overview of agricultural relief: Farming partnerships
You will not normally need to investigate land and tenancies owned by a partnership and used in the business or milk quotas, (IHTM24250) as either agricultural or business relief (IHTM26002) will usually apply.
However, if a deduction is made a against the deceased’s personal estate, for a partnership that was in deficit you may need to value the partnership assets to make sure the deduction being claimed is correct. For example, a partnership tenancy will probably not have been included when it does have some value. Obtaining the correct value for the tenancy will reduce the deficit, which will in turn reduce the deduction against the personal estate.
Potentially exempt transfers (IHTM04057) of partnership capital which included land need not be investigated unless there are doubts that the donees retained the gifted land through to the deceased’s death.