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.
Sch. 5 applied (with modifications) (1.4.2018) by The Land Transaction Tax (Transitional Provisions) (Wales) Regulations 2018 (S.I. 2018/126), regs. 1(2), 12