No. 197 Valuation of Agricultural Tenancies

No. 197 Valuation of Agricultural Tenancies

ISBN 978 1 910 434 42 2

Price: £25.00

Foreword

The foreword to the first edition of this guide, published in 1997, observed that the valuation of unassignable agricultural tenancies had “tested the minds” of those involved for many years. The problems of an asset for which there is no direct market evidence have continued to be testing since.

That edition, following Inheritance Tax cases such as Walton, focused on valuations for taxation purposes. When first conceived, this publication was intended primarily to update that topic. However, it has grown to offer much wider guidance on valuations for compulsory purchase and non-statutory purposes, providing a detailed review both of new tax cases and some of the underlying interpretation of earlier cases. This more comprehensive scope has allowed a clearer identification of the general principles involved.

The CAAV has been fortunate to have contributions from both within and outside the Association. Particular thanks are due to Charles Cowap, Barry Denyer-Green and Paul Wilson for scrutiny of the text as it developed. Section 14.2 on Scottish tenancies owes much to Malcolm Strang Steel, the previous Secretary of the Scottish Agricultural Arbiters and Valuers Association, and we are grateful to John Mitchell, SAAVA’s current Secretary for reviewing the whole of chapter 14. Nick Stone of Mills and Reeve commented on issues raised by the text on Divorce while Emma Heelis of Burges Salmon most helpfully provided copies of older decided cases. While this text has not been agreed with HMRC, it responds to comments made in helpful discussion of drafts by Valuation Office Agency staff. Especial gratitude is due to Jeremy Moody as author who has managed to distil a broad, complex and occasionally esoteric subject into a highly readable and authoritative text.

I hope this booklet will provide valuers and fellow professionals alike with the guidance needed to approach the valuation of agricultural tenancies. Numbered publication 171 is hereby withdrawn.