This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Land used in partnership - BPR/GWR

Hedgie
Posts: 16
Joined: Wed May 06, 2009 1:38 pm

Land used in partnership - BPR/GWR

Postby Hedgie » Tue Jun 12, 2018 9:29 pm

My mother in 1988 gave her land (which was used by a factory partnership owned by her and me) to my brother and me. She remained a partner until her death this year. we have always split the profits equally. The partnership continued running the business from the land given. My brother was and is only an employee of the factory. Only in the last couple of years did the partnership pay a rent to me and my brother

I am struggling to work out whether mother reserved a benefit until her death. Any pointers please?

pawncob
Posts: 4064
Joined: Wed Aug 06, 2008 4:06 pm
Location: West Sussex

Re: Land used in partnership - BPR/GWR

Postby pawncob » Wed Jun 13, 2018 11:16 am

I can't see how she could have reserved any benefit. The land and the partnership are not related, except co-incidentally. She divested herself of the land, but retained her partnership interest.
With a pinch of salt take what I say, but don't exceed your RDA


Return to “Inheritance Tax, IHT, Trusts & Estates, Capital Taxes”