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The Stamp Duty Land Tax (Open-ended Investment Companies) Regulations 2008
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- 2008 No. 710
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations make provision for the exemption from stamp duty land tax of land transactions transferring property on the conversion of an authorised unit trust to, or its amalgamation with, an open-ended investment company.
Regulation 1 provides for citation and commencement, and regulation 2 for interpretation.
Regulation 3 exempts from stamp duty land tax a land transaction transferring property of a unit trust to an open-ended investment company, where the transfer is made as part of the conversion of the trust to the company. Exemption is given where the units of the unit trust are extinguished and the unit holders receive as consideration shares in the company, in proportion to their holdings of units in the trust.
Regulation 4 makes similar provision for exemption from stamp duty land tax, where the property is transferred as part of the amalgamation of a unit trust with an open-ended investment company.
These Regulations do not impose new costs on business.
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