My client is a bare trustee for her minor son of funds inherited from his late father’s estate. It is not subject to the statutory trusts and is an absolute entitlement which he will become entitled to at age 18.
She wants to invest some of the funds in a rental property . She personally already owns her own home and rental properties.
Having read the new stamp duty provisions there is a clause (3.39) which states that where a minor is entitled to property as the beneficiary of a bare trust it is treated as a property owned by the parent.
I am not clear on reading the provisions whether the 3% additional stamp duty would apply to the situation here where my client is purchasing a property as trustee for her son or whether it would only apply if my client purchases another property herself.