SDLTM31700 | Application: Trusts and powers: Introduction FA03/S105 and FA03/SCH16

FA03/S105 and FA03/SCH16 set out the responsibilities of trustees and how Stamp Duty Land Tax (SDLT) applies in relation to interests in trusts and to the acquisition of a chargeable interest through the exercise of a power of appointment or a discretion.

The responsibilities of the trustee and beneficiaries in SDLT depend on the kind of trust in which the land is held.

There are two basic types for the purposes of SDLT

• bare trusts which include nominee arrangements. See SDLTM31710

• settlements. See SDLTM31720