# Finance Act 2003, Paragraph 8: Reallocation 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.

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Source: https://www.legislation.gov.uk/ukpga/2003/14/schedule/16/paragraph/8 (the official version)
Page: https://openlegislation.uk/finance-act-2003/schedule-16/paragraph-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.