Valid from 01/04/2015
Reallocation of trust property as between beneficiariesS
13SParagraph 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.
14SThe fact that the beneficiary gives consent does not mean that there is chargeable consideration for the acquisition.