MacKay and another v MacKay

Succession law – Valuation of deceased's estate – Valuation of crofts. Sheriff Court: In a case in which the pursuers claimed that two crofts forming part of their deceased father's estate were undervalued in the confirmation and craved the court to order the deceased's executor nominate to lodge an inventory or eik correcting the value, the court held that the crofts should be valued on the basis of s 160 of the Inheritance Tax Act 1984, not s 8 of the Crofters Holdings (Scotland) Act 1886; that the crofts must be valued at the price which they would fetch on the open market, taking into account all the restrictions and conditions which the new hypothetical tenant would be subject to; and that the pursuers' expert witness had applied the proper approach to the valuation of the crofts and their true value was £97,000, as the pursuers averred, not the recorded value of £20,000.

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