F1SCHEDULE 4AFirst-time buyer relief
5Deemed ownership: beneficiaries under certain trusts
1
This paragraph applies where a person is or was the beneficiary under—
a
a bare trust in which the trust property includes or included a major interest in a dwelling, or
b
a settlement under the terms of which the beneficiary has or had a relevant interest in any dwelling that is or was part of the trust property.
2
For the purposes of this schedule, the beneficiary is to be treated as being or having been the buyer or acquirer of the dwelling.
3
For the purposes of this paragraph, a beneficiary under a settlement has or had a relevant interest in a dwelling that is or was part of the trust property if the beneficiary is or was entitled to—
a
occupy the dwelling for life, or
b
income (whether net or gross) in respect of the dwelling.
4
In this paragraph—
“bare trust” has the meaning given in paragraph 19 of schedule 18 (trusts), and
“settlement” has the meaning given in paragraph 21 of schedule 18.
Sch. 4A inserted (30.6.2018) by The Land and Buildings Transaction Tax (First-Time Buyer Relief) (Scotland) Order 2018 (S.S.I. 2018/221), art. 1(1), sch. (with art. 6)