ABSTRACT
The Revenue had argued the tenancy should be seen as and valued within the partnership which should be valued as whole and the deceased's share of that valued. The half share in the tenancy had to be assessed on a profit rent basis - and then take into account the point that the purchaser of that half would be buying into a tenancy with other cotenants. While the conventional agricultural tenancy is assignable and the tenant is barred from subletting or parting with possession, it can still be an asset with value even if that cannot be directly crystallised in the marketplace unilaterally by the tenant. The District Valuer offered evidence of four types that might inform finding that value: The District Valuer drew out of this the conclusion that the value of the tenancy was 25% of the land's vacant value.
