SCHEDULE 18Trusts
PART 2Treatment of trusts and beneficiaries generally
Interests of beneficiaries under certain trusts
2
Paragraphs 3 and 4 apply where property is held in trust—
a
under the law of Scotland, or
b
under the law of a country or territory outwith the United Kingdom,
on terms such that, if the trust had effect under the law of England and Wales, a beneficiary would be regarded as having an equitable interest in the trust property.
3
The beneficiary is to be treated for the purpose of this Act as having a beneficial interest in the trust property despite the fact that no such interest is recognised by the law of Scotland or of the country or territory outwith the United Kingdom.
4
An acquisition of the interest of a beneficiary under the trust is to be treated as involving the acquisition of an interest in the trust property.