An exchange of land between two family trusts (with or without payment of any equality money) or the acquisition of land for cash by one trust from another will attract SDLT in the ordinary way. In particular, with an exchange, each side of the transaction is chargeable. What is less clear is the case where, within a single settlement (at least, one for capital gains tax purposes), there is an exchange (or acquisition) of land as between distinct funds or sub-funds. What is the correct analysis? It matters hugely in terms of both substantive liability to SDLT and indeed compliance.