Postby bip » Thu Mar 02, 2017 1:11 pm
First of all, I would recommend professional help where there is a partnership and he died intestate.
Partnership agreements usually include clauses with regard to the deaths of partners and there are usually time limits before a default disposal is made.
These time limits can be shortly after death and can create other CGT tax problems if not dealt with via a partnership variation.
Whether you can use the capital value will depend on how the accounts have been put together. Any assets must include there current value and a lot of partnership accounts just use cost, which is not sufficient.
If the land is farmland farmed by the partnership, then APR is likely to apply as well.
I work with farming partnership estates everyday and they are complex claims which are reviewed in detail by HMRC, so I would urge you to seek professional guidance.