C1SCHEDULE 5HIGHER RATES RESIDENTIAL PROPERTY TRANSACTIONS

Annotations:
Modifications etc. (not altering text)

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).