ABSTRACT
This chapter focuses on Her Majesty's Revenue and Custom's (HMRC's) view and interpretation of the legislation. A bare trust in England, Wales and Northern Ireland or simple trust in Scotland is one in which each beneficiary is absolutely entitled against the trustees of the property comprised in the trust. Any land transaction or return or self-certification to the Land Registry in relation to a land transaction may be made or given by any one or more of the trustees who are the responsible trustees in relation to the transaction. A settlement for Stamp Duty Land Tax (SDLT) is any trust arranged other than a bare trust. The term "incapacitated" is not defined in the SDLT legislation but in HMRC's view, the definition in s 108 of the Taxes Management Act 1970 (TMA 1970), which also applies in relation to s 72 of TMA 1970, on which s 106 of Finance Act 2003 is based, should be followed.
