SCHEDULES
SCHEDULE 16Stamp duty land tax: trusts and powers
Meaning of “settlement” and “bare trust”
1
1
In this Part “settlement” means a trust that is not a bare trust.
2
In this Part a “bare trust” means a trust under which property is held by a person as trustee—
a
for a person who is absolutely entitled as against the trustee, or who would be so entitled but for being a minor or other person under a disability, or
b
for two or more persons who are or would be jointly so entitled,
and includes a case in which a person holds property as nominee for another.
3
In sub-paragraph (2)(a) and (b) the references 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, to resort to the property for payment of duty, taxes, costs or other outgoings or to direct how the property is to be dealt with.
4
In sub-paragraph (2) “minor”, in relation to Scotland, means a person under legal disability by reason of nonage.