Paragraph 8 Reallocation of trust property as between beneficiariesF1

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.

Annotations

Textual amendments

F1: Sch. 16 para. 8 and cross-heading inserted (with effect in accordance with s. 165(2) of the amending Act) by Finance Act 2006 (c. 25), s. 165(1)