I apologise in advance of this being rather short on detail. I recall hearing recently a case (don't think it was a tax case) which involved the situation where a beneficiary/legatee (?) challenged the valuation of a partnership interest. The partnership deed said that on death of partner there was to be no uplift for MV. I recall that the partnership deed may have been overuled. I may have heard this at a CPD event, I am unsure. I would appreciate it if this rings a bell for anyone and they can let me know.
Replies (7)
Please login or register to join the discussion.
I was going to berate uktaxpal for the suggestions...
... which didn't seem helpful, in context, but before I did so, I did try a quick BAILII search for myself.
Is THIS what you're looking for?
BAILII is very useful because it is free to all (whereas other sources may require a paid for subscription).
Looking at the judgment to which George refers most helpfully, it appears that the Court of Appeal overturned the decision of the High Court with the result that market value was ignored and the sum due to the estate of the deceased partner was based upon the terms of the deed of partnership and the Balance Sheet of the partnership (reflecting land at a historic cost).
David