Section 45 – Unit trust schemes
121.Section 45 provides that a unit trust scheme is treated as if it were a company for the purposes of paying LBTT when it acquires land, except in relation to group relief (schedule 10), reconstruction relief and acquisition relief (schedule 11).
122.The section also provides that issues, surrenders and transfers of units are not within the scope of LBTT.
123.Subsection (6) confers a power on the Scottish Ministers to make, by regulations, further provision which specifies that a scheme of a description specified in the regulations is to be treated as not being a unit trust scheme for the purposes of the Act. Such regulations will be subject to the negative procedure (see section 68).
