Part 8Stamp taxes
Stamp duty land tax
165Reallocation of trust property as between beneficiaries
1
In Schedule 16 to FA 2003 (trusts and powers), after paragraph 7 insert—
8Reallocation of trust property as between beneficiaries
Where—
a
the trustees of a settlement reallocate trust property in such a way that a beneficiary acquires an interest in certain trust property and ceases to have an interest in other trust property, and
b
the beneficiary consents to ceasing to have an interest in that other property,
the fact that he gives consent does not mean that there is chargeable consideration for the acquisition.
2
Subsection (1) has effect in relation to any acquisition of which the effective date (within the meaning of Part 4 of FA 2003) is on or after the day on which this Act is passed.