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.