Paragraph 11 F1

(1)

Sub-paragraph (3) applies where—

(a)

a person is a beneficiary under a settlement,

(b)

a major interest in a dwelling forms part of the trust property, and

(c)

under the terms of the settlement, the beneficiary is entitled to—

(i)

occupy the dwelling for life, or

(ii)

income earned in respect of the dwelling.

(2)

Sub-paragraph (3) also applies where—

(a)

a person is a beneficiary under a bare trust, and

(b)

a term of years absolute in a dwelling forms part of the trust property.

(3)

Where this sub-paragraph applies—

(a)

the beneficiary is to be treated for the purposes of this Schedule as holding the interest in the dwelling, and

(b)

if the trustee of the settlement or bare trust disposes of the interest, the beneficiary is to be treated for the purposes of this Schedule as having disposed of it.

Annotations

Textual amendments

F1: Sch. 4ZA inserted (with effect in accordance with s. 128(5)(6) of the amending Act) by Finance Act 2016 (c. 24), s. 128(3) (with s. 128(9)(10))

Notes on Schedule 4ZA

Modifications

C1: Sch. 4ZA modified (temp.) (22.7.2020) by Stamp Duty Land Tax (Temporary Relief) Act 2020 (c. 15), s. 1 (as amended 10.6.2021) by 2021 c. 26, s. 87(2))
C2: Sch. 4ZA modified (temp.) (8.2.2023) by Stamp Duty Land Tax (Temporary Relief) Act 2023 (c. 2), s. 1 (as amended (with effect in accordance with s. 50(3) of the amending Act) by 2025 c. 8, s. 50(2)(3) (with ss. 50(4)-(6), 52)