Q&As

A private pension fund is changing its corporate trustees. Two commercial properties will be transferred from Corporate Trustee A to Corporate Trustee B, and the beneficiary (being the private pension fund) is not changing. The consideration for the transfer has not yet been confirmed. Is there an obligation to file and pay stamp duty land tax in respect of the transfer or will this fall within the bare trust provisions because the ultimate owner is not changing?

read titleRead full title
Copyright © 2025 LexisNexis
Produced in partnership with Michael Fluss of Keystone Law
Published on: 20 August 2020
imgtext

Stamp duty land tax (SDLT) will, potentially, be chargeable on the transfers by Corporate Trustee A of its interests in the commercial properties to Corporate Trustee B if the corporate trustee does not hold those interests on bare trust for the private pension fund. Whether the holding is on bare trust depends on the terms of the trust instrument under which those properties are held, as explained below.

In order for the commercial properties to be held on bare trust, the pension fund would, by virtue of paragraph 1(2) of Schedule 16 to the Finance Act 2003 (FA 2003) need

Powered by Lexis+®
Jurisdiction(s):
United Kingdom
Related legal acts:

Popular documents

For stamp duty relief under section 77 of the Finance Act 1986 (FA 1986) to apply, must the acquiring

For stamp duty relief under section 77 of the Finance Act 1986 (FA 1986) to apply, must the acquiring company in a share for share exchange have a share structure identical to the target company?Full stamp duty relief may be available for the acquiring company in a share-for-share exchange if

2% SDLT surcharge for non-residents—training materials

2% SDLT surcharge for non-residents—training materialsThese Training Materials cover the 2% stamp duty land tax (SDLT) surcharge that applies from 1 April 2021 to acquisitions of residential property in England and Northern Ireland by non-UK residents. They consist of template PowerPoint slides and

SDLT—multiple dwellings relief

SDLT—multiple dwellings reliefFORTHCOMING CHANGE relating to residential and non-residential property and multiple dwellings relief: HMRC consulted until 22 February 2022 on possible changes to (a) the way stamp duty land tax (SDLT) is calculated in respect of purchases of mixed use property, and

SDLT group relief

SDLT group reliefGenerally, subject to exemptions or reliefs, an acquisition of a chargeable interest in land (a land transaction), which includes the grant of a leasehold interest, is subject to stamp duty land tax (SDLT). An exemption from SDLT can be claimed where:•a land transaction is entered