Point in time view as at 08/02/2023.
Finance Act 2003, Paragraph 10 is up to date with all changes known to be in force on or before 06 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
[F110(1)Sub-paragraph (3) applies in relation to a land transaction if—U.K.
(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).]
Textual Amendments
F1Sch. 4ZA inserted (with effect in accordance with s. 128(5)(6) of the amending Act) by Finance Act 2016 (c. 24), s. 128(3) (with s. 128(9)(10))
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