OK so we know that there is a long-standing debate about the treatment of residential service charge monies in the accounts of flat management companies. LTA 1987 s42 says the funds are held in trust for the lessees.
What is the situation with service charges for commercial properties levied by a management company? S42 LTA 1987 only applies to 'dwellings'. Are commercial property service charges not held in trust but residential service charges are? Are commercial property service charges shown in property management company accounts but residential property service charges not?