Valuing the partnership interest: Agricultural land owned by deceased and occupied by a partnership
In the course of your investigation you may find that the deceased owned land which had been let to a partnership of which the deceased was a member. Unless it is clear from the information already supplied, ask the taxpayer to provide:
- details of the terms on which the partnership occupied the land
- supporting evidence such as copy leases or written statements setting out the terms of verbal agreements.
Before you refer to the Valuation Office Agency (IHTM23002), you have to determine whether or not the land should be valued subject to the tenancy.