Land licenced to a farm partnership. How is it handled on Balance Sheet and Form-1

LostInLM

Hope someone can clarify for me.

Currently myself and another family member are farming our farms in a partnership arrangement. Not a department of agri registered farm partnership, just a family arrangement. The partnership is registered with revenue and has separate tax number, single herd number etc. No formal partnership agreement exists but agreed profit share is 50/50.

Wondering how the land assets should be treated in the partnership accounts for this arrangement. The land parcels are individually owned by each of us but effectively licenced to the the partnership. Should the value of the land appear on the partnership balance sheet as fixed tangible assets, and as part of the capital balance / net assets on Form 1. Also if capital investment was made to improve both land parcels (Drainage etc.) which was paid for collectively through the partnership bank a/c should capital allowances be accounted for in the partnership and split 50/50, or should the land owner's use individually when collecting their adjusted P/L for the year.

Bit of a technical question trying to figure out what is correct way that this should be show in case it has any future implications for CGT if partnership splits.

I know someone will say get an accountant, but just trying to independently understand myself.;)

LostInLM

Anyone? Is there a better forum I should post this in?