SCHEDULES
SCHEDULE 19 Stamp duty and stamp duty reserve tax: unit trusts
C1 Part II Stamp duty reserve tax on dealings with units in unit trusts
Charge to tax
C22
1
There is a charge to stamp duty reserve tax where—
a
a person authorises or requires the trustees or managers under a unit trust scheme to treat him as no longer interested in a unit under the scheme, or
b
a unit under a unit trust scheme is transferred to the managers of the scheme,
and the unit is a chargeable security.
Those events are referred to in this Part of this Schedule as a “surrender” of the unit to the managers.
2
The tax is chargeable—
a
whether the surrender is made or effected in the United Kingdom or elsewhere, and
b
whether or not any party is resident or situate in any part of the United Kingdom.
3
The persons liable for the tax are the trustees of the unit trust.
4
This paragraph is subject to the exclusions provided for in paragraphs 6 F1, 6A and 7.
Sch. 19 Pt. II excluded (11.5.2001 with effect as mentioned in s. 94(5) of the amending Act) by 2001 c. 9, s. 94(1)-(4)