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Land and Buildings Transaction Tax (Scotland) Act 2013

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PART 4STransactions involving settlements

Acquisition by trustees of settlementsS

10 SWhere persons, as trustees of a settlement, acquire a chargeable interest or an interest in a partnership, they are to be treated for the purposes of this Act, as it applies to that acquisition, as buyers of the whole of the interest acquired (including the beneficial interest).

Commencement Information

I1 Sch. 18 para. 10 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2

Consideration for exercise of power of appointment or discretionS

11 SParagraph 12 applies where a chargeable interest is acquired by virtue of—

(a)the exercise of a power of appointment, or

(b)the exercise of a discretion vested in trustees of a settlement.

Commencement Information

I2 Sch. 18 para. 11 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2

12 SAny consideration given for the person in whose favour the appointment was made or the discretion was exercised becoming an object of the power or discretion is to be treated for the purpose of this Act as the consideration for the acquisition of the interest.

Commencement Information

I3 Sch. 18 para. 12 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2

Reallocation of trust property as between beneficiariesS

13 SParagraph 14 applies 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.

Commencement Information

I4 Sch. 18 para. 13 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2

14 SThe fact that the beneficiary gives consent does not mean that there is chargeable consideration for the acquisition.

Commencement Information

I5 Sch. 18 para. 14 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2

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