Paragraph 13 Bare trust acquiring new leaseF1

(1)

Sub-paragraph (2) applies to a chargeable transaction if—

(a)

the purchaser is, or (if there is more than one) the purchasers include, a person (P) who is acting as a trustee of a bare trust, and

(b)

paragraph 3(3) of Schedule 16 (trustee of bare trust granted a lease treated as purchaser of the whole of the interest acquired) applies in relation to P.

(2)

In determining for the purposes of this Part of this Act whether the chargeable transaction is a “non-resident transaction”, paragraph 2(1)(a) (condition that purchaser be non-resident) has effect as if a reference to the purchaser or purchasers—

(a)

included the beneficiary or beneficiaries of the bare trust, and

(b)

did not include P.

Annotations

Textual amendments

F1: Sch. 9A inserted (with effect in accordance with Sch. 16 para. 6 of the amending Act) by Finance Act 2021 (c. 26), Sch. 16 para. 5