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Finance Act 2012

Background Note

6.The Government has announced its intention to legislate to enable the UK regulator to authorise, under the UCITS IV directive (Directive 2009/65/EC of the European Parliament and of The Council), tax transparent collective investment schemes to be constituted by contractual arrangements.  Transactions relating to the new schemes will need to have an appropriate stamp duty and stamp duty reserve tax treatment.  This section gives the Treasury the power to provide this.

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Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.


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