Finance Act 2000
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Change 1
120 Exceptions from section 119.
(1) Section 119 does not apply by virtue of paragraph (a) of subsection (1) of that section in any of the following cases (any reference in this section to A or B being taken as a reference to the person referred to as A or B, as the case may be, in that subsection). (2) Case 1 is where B holds the estate or interest as nominee or bare trustee for A. (3) Case 2 is where A is to hold the estate or interest as nominee or bare trustee for B. (4) Case 3 is where B holds the estate or interest as nominee or bare trustee for some other person and A is to hold it as nominee or bare trustee for that other person. (5) Case 4 is where (in a case not falling within subsection (2) or (4) above)— (a) the transfer or vesting is a conveyance or transfer out of a settlement in or towards satisfaction of a beneficiary’s interest; (b) the beneficiary’s interest is not an interest acquired for money or money’s worth; and (c) the conveyance or transfer is a distribution of property in accordance with the provisions of the settlement. (6) Case 5 is where (in a case not falling within subsection (3) above) A— (a) is a person carrying on a business which consists of or includes the management of trusts; and (b) is to hold the estate or interest as trustee acting in the course of that business. (7) Case 6 is where (in a case not falling within subsection (3) above) A is to hold the estate or interest as trustee and, apart from section 1122(6) of the Corporation Tax Act 2010 (trustees as connected persons), would not be connected with B. (8) Case 7 is where— (a) B is a company; (b) the transfer or vesting is, or is part of, a distribution of assets (whether or not in connection with the winding up of the company); and (c) the estate or interest was acquired by B by virtue of an instrument which is duly stamped. (9) This section shall be construed as one with the Stamp Act 1891. (10) This section applies to instruments executed after the day on which this Act is passed.
120 Exceptions from section 119.
(1) Section 119 does not apply by virtue of paragraph (a) of subsection (1) of that section in any of the following cases (any reference in this section to A or B being taken as a reference to the person referred to as A or B, as the case may be, in that subsection). (2) Case 1 is where B holds the estate or interest as nominee or bare trustee for A. (3) Case 2 is where A is to hold the estate or interest as nominee or bare trustee for B. (4) Case 3 is where B holds the estate or interest as nominee or bare trustee for some other person and A is to hold it as nominee or bare trustee for that other person. (5) Case 4 is where (in a case not falling within subsection (2) or (4) above)— (a) the transfer or vesting is a conveyance or transfer out of a settlement in or towards satisfaction of a beneficiary’s interest; (b) the beneficiary’s interest is not an interest acquired for money or money’s worth; and (c) the conveyance or transfer is a distribution of property in accordance with the provisions of the settlement. (6) Case 5 is where (in a case not falling within subsection (3) above) A— (a) is a person carrying on a business which consists of or includes the management of trusts; and (b) is to hold the estate or interest as trustee acting in the course of that business. (7) Case 6 is where (in a case not falling within subsection (3) above) A is to hold the estate or interest as trustee and, apart from section 1122(6) of the Corporation Tax Act 2010 (trustees as connected persons), would not be connected with B. (8) Case 7 is where— (a) B is a company; (b) the transfer or vesting is, or is part of, a distribution of assets (whether or not in connection with the winding up of the company); and (c) the estate or interest was acquired by B by virtue of an instrument which is duly stamped. (9) This section shall be construed as one with the Stamp Act 1891. (10) This section applies to instruments executed after the day on which this Act is passed.
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