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Hi - I feel the profession are still receiving conflicting views on the position regarding partnerships needing to register for TRS, particularly from articles that law firms have been releasing and the recently updated TRSM23050.
In our firm, we mainly act for agricultural clients whereby the land has either been inherited or purchased outside of a partnership (and so not purchased with partnership money), and then introduced as part of that partner's partnership share. This is usually done via a partnership agreement whereby the agreement confirms that no ownership changes hands by virtue of forming a partnership that is allowed to operate on the land. The land is then shown in the legal owners land capital account in the accounts, and so the beneficial and legal ownership are still with that one person, however he is in partnership with others and the partnership uses the land in it's trade. Would that give rise to a situation as set out in TRSM23050 whereby the partnership would need to register?
It would be useful to have a more definitive reply to this please