Is SDLT payable on a transfer between two sub-funds?

[Patrick]

Assuming that the exemptions in the two (sic) paras 3A in Sch 4 FA 2003 do not apply and there are life interests then SDLT can apply because the beneficiaries of the acquiring fund are purchasing the equitable interests of those in the disponing fund. If there are no life interests it comes down to whether the funds are truly separate settlements eg has a sub-fund election been made under Sch 4ZA TCGA 1992, and if so then the trustees of the acquiring fund wearing that hat are purchasing the property from the trustees of the disponing fund wearing that other other hat.

[Author]

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