C1SCHEDULE 5HIGHER RATES RESIDENTIAL PROPERTY TRANSACTIONS

Annotations:
Modifications etc. (not altering text)

C1PART 5SUPPLEMENTARY PROVISIONS

Settlements and bare trusts

I1C131

1

This paragraph applies in relation to a land transaction if—

a

the main subject-matter of the transaction consists of a major interest in one or more dwellings,

b

the buyer (or one of them) is acting as trustee of a settlement,

c

that buyer is an individual, and

d

under the terms of the settlement a beneficiary is not entitled to—

i

occupy the dwelling or dwellings for life, or

ii

income earned in respect of the dwelling or dwellings.

2

In determining whether paragraph 20 or 21 applies to the transaction—

a

if the buyer mentioned in sub-paragraph (1) is the only buyer, ignore sub-paragraph (1)(a) of those paragraphs, and

b

if that buyer is not the only buyer, ignore sub-paragraph (1)(a) of those paragraphs when having regard to that buyer.