Wills & Trusts Law Reports | March 2014 #137The respondents, who had been in a partnership together, were the owners of the land on which their farming business was carried on, together with buildings, live and dead stock, farm machinery and other assets. The accounts recorded that the business was financed by the balance standing to the credit of their capital account with the land recorded year after year at book value. The appellant was bought into the partnership by the respondents on 1 October 1997 and their respective rights and obligations were set out in a partnership deed dated 15 December 1997 (the agreement). The accoun...
Ian Partridge looks at Ham v Ham, which considers the valuation of a share in a farming partnership when one partner exits ‘There is no room for a presumption (at least in the context of a family partnership) that the partners do or do not intend that a retiring or deceased partner should receive full …
Continue reading "Partnerships: Market value?"
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Helen Ratcliffe looks at Drake v Harvey, which highlights the difficulties of estate planning for partnership shares ‘Following Cruikshank v Sutherland [1922], where a partnership deed is silent as to the basis of valuation for the purposes of an account, the appropriate value is one that is fair.’Partnerships are one of the frequently chosen vehicles …
Continue reading "Estate Planning: Accruing complexity"
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