F1SCHEDULE 4ZAStamp duty land tax: higher rates for additional dwellings and dwellings purchased by companies
PART 3Supplementary provisions
Settlements and bare trusts
10
(1)
Sub-paragraph (3) applies in relation to a land transaction if—
(a)
the main subject-matter of the transaction consists of a major interest in one or more dwellings,
(b)
the purchaser (or one of them) is acting as trustee of a settlement, and
(c)
under the terms of the settlement a beneficiary will be entitled to—
(i)
occupy the dwelling or dwellings for life, or
(ii)
income earned in respect of the dwelling or dwellings.
(2)
Sub-paragraph (3) also applies in relation to a land transaction if—
(a)
the main subject-matter of the transaction consists of a term of years absolute in a dwelling, and
(b)
the purchaser (or one of them) is acting as a trustee of a bare trust.
(3)
Where this sub-paragraph applies in relation to a land transaction the beneficiary of the settlement or bare trust (rather than the trustee) is to be treated for the purposes of this Schedule as the purchaser (or as one of them).
(4)
Paragraphs 3(3) and 4 of Schedule 16 (trustees to be treated as the purchaser) have effect subject to sub-paragraph (3).