Beneficiaries of discretionary trusts

Current

(1)

The beneficiaries of a discretionary trust when a liability for land tax arises are the persons in whose favour a power of appointment has been exercised during the 12 month period ending when the liability arises.

Note—

See also schedule 4, definition beneficiary.

(2)

In this section—

discretionary trust means a trust over property for which a person has a power of appointment.

This Act’s bill:Explanatory memorandum Second reading speech

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24 Beneficiaries of discretionary trusts