C1SCHEDULE 5HIGHER RATES RESIDENTIAL PROPERTY TRANSACTIONS
C1PART 5SUPPLEMENTARY PROVISIONS
Settlements and bare trusts
I1C130
1
This paragraph applies where, by reason of paragraph 27 or 28 or paragraph 3(1) of Schedule 8 (bare trusts), the child of a person (““P””) would (but for this paragraph) be treated for the purposes of this Schedule as—
a
being the buyer in relation to a land transaction,
b
holding an interest in a dwelling, or
c
having disposed of an interest in a dwelling.
2
Where this paragraph applies—
a
P and any spouse or civil partner of P are to be treated for the purposes of this Schedule as being the buyer, holding the interest or (as the case may be) having disposed of the interest, and
b
the child is not to be so treated.
3
Sub-paragraph (2)(a) does not apply in relation to a spouse or civil partner of P if the two of them are not living together (for the meaning of which, see paragraph 25(3)).
4
This paragraph does not apply where—
a
a person (““D””) acquires, holds or disposes of, a major interest in a dwelling in a child's name or on the child's behalf,
b
D does so in the exercise of powers conferred on D as the deputy of the child, and
c
D holds or, in the case of a disposal, held, that interest on trust for the child.
5
In sub-paragraph (4), “"deputy”” means—
a
a person appointed under section 16 of the Mental Capacity Act 2005 (c. 9), or
b
a person appointed to an equivalent position under the law of a country or territory outside England and Wales (and accordingly the reference to an interest being held on trust by such a person is to its being held on an equivalent basis under that law).
Sch. 5 applied (with modifications) (1.4.2018) by The Land Transaction Tax (Transitional Provisions) (Wales) Regulations 2018 (S.I. 2018/126), regs. 1(2), 12