31(1)This paragraph applies in relation to a land transaction if—E+W
(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.
Modifications etc. (not altering text)
C1Sch. 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
Commencement Information
I1Sch. 5 para. 31 in force at 1.4.2018 by S.I. 2018/34, art. 3