Land and Buildings Transaction Tax (Scotland) Act 2013 Schedule 18 paragraph 13

Reallocation of trust property as between beneficiaries

Paragraph 13 sets out the circumstances in which paragraph 14 applies, dealing with the reallocation of trust property among beneficiaries where a beneficiary agrees to give up an interest in one property in exchange for an interest in another.

• This paragraph applies where trustees of a settlement rearrange which trust properties are allocated to which beneficiaries.
• A beneficiary must gain an interest in certain trust property whilst simultaneously losing an interest in other trust property as part of the reallocation.
• The beneficiary must consent to giving up their interest in the other property.
• Where these conditions are met, paragraph 14 then determines how the beneficiary's consent is treated for LBTT purposes.