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HMRC internal manual

Stamp Duty Land Tax Manual

From
HM Revenue & Customs
Updated
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Application - Trusts and powers: Changes in the composition of trustees of a continuing settlement

For Stamp Duty Land Tax (SDLT) purposes we treat trustees of a settlement as a single and continuing body of persons, as we do for capital gains tax.

It follows that for a continuing settlement a change in the composition of trustees is not a land transaction.

This means in particular that there is no charge on such an occasion where trust property is secured by a mortgage or other borrowing.

Since there is no land transaction for SDLT purposes on a change in the composition of trustees of a continuing trust, a land transaction return should not be completed.

Where such a change results in an application to the Land Registry, or to the Keeper of the Registers of Scotland, a covering letter should accompany the application unless it is obvious from the documents that they relate to such a change.