Q&As

A discretionary Will trust (established six months ago) has three beneficiaries (X, Y and Z). X wishes to buy out the shares of Y and Z. Is stamp duty land tax payable on the purchase of Y and Z's shares? Are there any other ways of rearranging the estate?

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Published on LexisPSL on 04/08/2020

The following Private Client Q&A provides comprehensive and up to date legal information covering:

  • A discretionary Will trust (established six months ago) has three beneficiaries (X, Y and Z). X wishes to buy out the shares of Y and Z. Is stamp duty land tax payable on the purchase of Y and Z's shares? Are there any other ways of rearranging the estate?
  • The Will trust
  • Stamp duty land tax

The Will trust

This Q&A suggests that a discretionary Will trust was established, of which X, Y and Z are discretionary beneficiaries. The extent to which trust property is appointed and distributed to those individuals will be a matter for the trustees of the discretionary trust to decide. The question states that the beneficiary (X) who wishes to purchase the property is the sole executor of the Will. Depending on the wording in the Will, X may also be the sole trustee of the ongoing discretionary trust. X’s powers and duties as trustee of the discretionary trust will be determined by the trust instrument (the Will) and trust law. Fo

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