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Issue:
4882
/
Categories:
Comment & Analysis
, business property relief
, HMRC
, Land & property
, Trusts
Clear as mud
Key points
- The Trust Registration Service guidelines has caused a lot of confusion with regard to partnership property.
- Many farming partnerships missed the 1 September 2022 deadline for registration but HMRC will not apply a penalty for the first non-deliberate offence.
- Having a partnership agreement which sets out the ownership of the assets may lead to greater financial protection for partners compared to the cost of the TRS registration fee.
It is fair to say that the trust registration service (TRS) guidance has caused a lot of controversy and confusion with regard to partnership property.
The matter is made more complicated by the fact that many farm advisers do not fully understand the legal concepts of partnership property beneficial interests express trusts and the land registry entries not corresponding with these concepts.
Add to this the emotional burden of guidance that states that the existence of a partnership...
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