It is my understanding that land held on trust for partnerships can be registrable if it is not an automatic trust arising on the application of partnerships funds to acquire land.
However, i have a client where the legal owners of a property conveyed it to a partnership where the partners are the same people. A partnership is not a legal personality, so they are effectively holding on bare trust for themselves - does this situation therefore fall into the bare trust exclusion where the legal and beneficial owners are the same people?
If there is no express declaration of trust in the conveyance then they are likely holding it subject to s.20 Partnership Act 1890 (so exclusion under para 1).
In addition, if there is an express declaration in the conveyance but the registered owners are (all) the partners then yes, I think you can also say the beneficial owners are the same people.
Hazel, There was a really good article in taxation magazine which spoke about land capital accounts. We have registered those where the land was invested by different people to the income partners. ie M&D put land in but son is also partner. Hope this helps.
