Land and Buildings Transaction Tax (Scotland) Act 2013

PART 6 Interpretation

Meaning of “bare trust”

19 In this schedule, a “bare trust”—

(a) is a trust under which the property is held by a person as trustee—

(i) for a person who is absolutely entitled as against the trustee, or who would be so entitled but for being under a legal disability by reason of non-age or under another disability, or

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

(b) includes a case in which a person holds property as a nominee for another.

Meaning of “absolutely entitled”

20 The references in paragraph 19 to a person being absolutely entitled to property as against the trustee are references to a case where the person has the exclusive right, subject only to satisfying any outstanding charge, lien or other right of the trustee—

(a) to resort to the property for payment of duty, taxes, costs or other outgoings, or

(b) to direct how the property is to be dealt with.

Meaning of “settlement”

21 In this schedule, “settlement” means a trust that is not a bare trust.