Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 8 paragraph 11

Trust property held under Scottish or overseas law

Schedule 8 paragraph 11 ensures that beneficiaries of trusts governed by Scottish or overseas law are treated as having an equitable interest in trust property for Land Transaction Tax purposes, even where the relevant legal system does not recognise such interests.

• This provision applies to trusts held under Scottish law or the law of a country or territory outside the United Kingdom.
• It applies where, if the trust were governed by the law of England and Wales, a beneficiary would be regarded as having an equitable interest in the trust property.
• The beneficiary is treated as having an equitable interest in the trust property for LTT purposes, regardless of whether the governing law recognises such an interest.
• Any acquisition of a beneficiary's interest under such a trust is treated as an acquisition of an interest in the underlying trust property itself.