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Don’t bury your head in the sand
Key points
- The partnership model is still the majority of core farming operations.
- Partnerships cannot own the legal title to a property – it is held by partners as trustees. An limited liability partnership can however own land.
- Partnership property achieves 100% BPR (non-partnership property only 50% BPR).
- Farming partnerships need to register land update partnership agreements and ensure that the partnership land capital accounts are correctly recorded in the accounts and the partnership agreement.
- Farmers must check whether they must register their partnership trust with the trust registration service before 1 September.
Much of the farming press is saying that farming partnerships could fall foul of new rules on the registration of trusts if they don’t act before 1 September 2022.
The fact that farmers look at the ownership of partnership property in this context is a positive for current and future ownership understanding. It is...
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