Trust Registration Service - A Bite-Sized Update for Farming Partnerships

Introduction

Despite the deadline of September 2022 being long gone there are still many farming partnerships that have not yet registered partnership property that is held in trust with the TRS with the Budget of 30 October 2024 placing emphasis on 100% and 50% BPR.

This short webinar is suitable for those partnerships that are still unregistered and looking at strategy.

There are also many farmers and farm advisers who do not understand the concept of ‘partnership property being held in trust’ and have therefore ignored the various warnings and the lack of registration is due to lack of clarity and this presentation explains some of the problems.

In fairness, the initial HMRC guidance was possibly misleading with a focus on partnership agreements rather than an explanation of why the registration was needed and to whom the registration applied.

All partnership property is held in trust but there are some exemptions from the registration - the lawyers should define the exact position through an updated partnership agreement.

As a result, HMRC have taken a ‘soft approach’ to penalties for late filing, however, with the two-year anniversary of the start of registration of partnership property exceeded, there is an overwhelming need to check the ‘trust’ status of every farming partnership now.

Many farm advisers acting for agricultural partnerships have rather avoided the subject of TRS registration for partnership property and have not made full warnings to clients, which is risky with penalties looming.

The webinar explains a working strategy for those advisers who are late with registration and uncertain of some confusing areas of partnership ownership.

There are incorrect partnership accounts regarding ownership in existence which need to be clarified as part of TRS work.

It also looks at the immediate need and advantages for understanding, warning clients and registering with TRS as applicable and taking the advantages of the evidence of 100% Business Property Relief (‘BPR’) for inheritance tax and the first £1million allowance.

What You Will Learn

This short webinar will cover the following:

• A large amount of partnership property is still not registered
• 100% BPR is still available for £1million limit post 30 October 2024 Budget
• TRS helps provide evidence for the 100% BPR so VITAL
• Understanding partnership property is still important post the Budget
• Understanding partnership property is extremely important for protection of beneficial interest
• TRS must not be overlooked with the IHT farm revolution
• The IHT revolution does result in the need for full succession planning which must include TRS

This pre-recorded webinar will be available to view from Monday 17th March 2025

Alternatively, you can gain access to this webinar and 1,700+ others via the MBL Webinar Subscription. Please email webinarsubscription@mblseminars.com for more details.