SCHEDULES
SCHEDULE 16Stamp duty land tax: trusts and powers
Consideration for exercise of power of appointment or discretion
7
Where a chargeable interest is acquired by virtue of—
a
the exercise of a power of appointment, or
b
the exercise of a discretion vested in trustees of a settlement,
there shall be treated as consideration for the acquisition of the interest or right by virtue of the exercise of the power or discretion any consideration given for the person in whose favour the appointment was made or the discretion was exercised becoming an object of the power or discretion.
8F1Reallocation of trust property as between beneficiaries
Where—
a
the trustees of a settlement reallocate trust property in such a way that a beneficiary acquires an interest in certain trust property and ceases to have an interest in other trust property, and
b
the beneficiary consents to ceasing to have an interest in that other property,
the fact that he gives consent does not mean that there is chargeable consideration for the acquisition.