Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 18 paragraph 9

Trusts with charitable beneficiaries or unit holders

Schedule 18 paragraph 9 extends charities relief to certain trusts where all beneficiaries or unit holders are charities, subject to specific modifications.

• A trust where all beneficiaries are charities, or a unit trust scheme where all unit holders are charities, can qualify for charities relief in the same way as a charity itself.
• References to the charitable purposes of the purchasing charity are read as references to the charitable purposes of the beneficiaries or unit holders, or any of them.
• References to the charity itself in the context of withdrawal of relief are read as references to any of the beneficiaries or unit holders.
• The same modified reading of charitable purposes applies to the provisions dealing with non-qualifying charities and partial relief for non-qualifying charities.