SCHEDULE 8 Trusts
Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (2017 anaw 1) | Legislation

SCHEDULE 8 Trusts

(as introduced by section 42(1))

Overview

1

(1)     This Schedule makes provision about the application of this Act and TCMA in relation to trusts.

(2)     This Schedule is arranged as follows—

(a)     paragraph 2 defines key terms;

(b)     paragraph 3 makes provision about transactions involving bare trusts;

(c)     paragraphs 4 to 10 make provision about transactions involving settlements and the responsibilities of trustees of a settlement;

(d)     paragraph 11 makes provision about the treatment of the interests of beneficiaries under certain trusts.

Key terms

2

(1)     In this Schedule, a “bare trust” means a trust under which property is held by a person as trustee—

(a)     for a person who is absolutely entitled as against the trustee, or who would be so entitled but for being aged under 18 or lacking capacity (within the meaning of the Mental Capacity Act 2005 (c 9)) to administer and manage the person's property and affairs, or

(b)     for two or more persons who are or would be jointly so entitled,

and includes a case in which a person holds property as nominee for another.

(2)     The reference in sub-paragraph (1) to a person being

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