Article 14Attribution of Transfers, etc. of Assets Pertaining to Trust Property

①A beneficiary of a trust (limited to a person who actually has rights as a beneficiary) is deemed to hold the assets belonging to the trust property of that trust, and the asset transactions, etc. pertaining to that trust property (meaning transfers, etc. of assets, taxable purchases and the taking of taxable goods out of a bonded area; the same applies hereafter in this paragraph and paragraph (1) of the following Article) are deemed to be the asset transactions, etc. of that beneficiary, and the provisions of this Act apply; provided, however, that this does not apply to the assets belonging to the trust property of a group investment trust prescribed in Article 2, item (xxix) (Definitions) of the Corporation Tax Act, a trust subject to corporate taxation prescribed in item (xxix)-2 of that Article, a retirement pension trust, etc. prescribed in Article 12, paragraph (4), item (i) (Vesting of Assets and Liabilities in Trust Property and Profit and Expenses to Be Attributed to Trust Property) of that Act, or a public interest trust or participant protection trust prescribed in item (ii) of that paragraph, or to the asset transactions, etc. pertaining to that trust property.

③The application of paragraph (1) in the case where there are two or more beneficiaries, the determination of whether a person falls under a person who is meant to benefit from the trust property as prescribed in the preceding paragraph, and other matters necessary for the application of the provisions of the preceding two paragraphs are specified by Cabinet Order.