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Back to basics: SDLT and trusts

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It is essential to establish what type of trust you are dealing with so that you can correctly identify who the purchaser is for SDLT purposes. The SDLT legislation divides trusts into two broad categories: bare trusts and settlements. In the case of a bare trust, SDLT (except for leases) looks through the trust and treats the beneficial owner or owners as the vendor or purchaser. For settlements, the general SDLT principles largely apply. Special attention needs to be paid to situations involving company trustees, children or vulnerable persons. Be mindful of FA 2003 s 75A and to structure de-enveloping transaction carefully.

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