Part VI

Stamp duty and stamp duty reserve tax

Units in unit trusts

Stamp duty and stamp duty reserve tax: unit trusts.
122
1
The following provisions of this Act (which apply generally to instruments executed on or after 1st October 1999)—
a
section 109 and Schedule 12 (interest and penalties on late stamping),
b
section 110 (interest on duty overpaid, etc.), and
c
section 112 and Schedules 13 and 14 (general amendment of charging provisions),
do not apply to transfers or other instruments relating to units under a unit trust scheme.
2
Subsection (1) does not affect the operation of those provisions in relation to stamp duty—
a
on a conveyance or transfer on sale of property other than units under a unit trust scheme in relation to which such units form the whole or part of the consideration, or
b
under Schedule 15 to this Act (bearer instruments).
3
In subsections (1) and (2) “unit” and “unit trust scheme” have the same meaning as in Part VII of the Finance Act 1946 or Part III of the Finance (No.2) Act (Northern Ireland) 1946.
4
Schedule 19 to this Act (stamp duty and stamp duty reserve tax: unit trusts) has effect.
This subsection and that Schedule come into force on 6th February 2000.
S. 122 modified (6.2.2000) by S.I. 1997/1156, reg. 4(1)-(5) (as inserted (6.2.2000) by S.I. 1999/3261, reg. 5)
1946 c.64.
1946 c.17(N.I.).