SDLTM31740 - Application

Trusts and powers: Scottish and foreign trusts FA03/SCH16/PARA2

FA03/SCH16/PARA2 provides that where a property is held in trust under Scottish law or the law of a country or territory outside the United Kingdom, on terms which under the laws of England, Wales and Northern Ireland would give a beneficiary an equitable interest in the trust property, then that beneficiary shall be treated as having such an interest, even if no such interest is recognised by the law of Scotland or such other country.

Additionally an acquisition of the interest of a beneficiary under the trust shall be treated as involving the acquisition of an interest in the trust property.