Part 4

Stamp duty land tax

Application of provisions

Unit trust schemes
101
1
This Part (with the exception of the provision mentioned in subsection (7) below) applies in relation to a unit trust scheme as if—
a
the trustees were a company, and
b
the rights of the unit holders were shares in the company.
2
Each of the parts of an umbrella scheme is regarded for the purposes of this Part as a separate unit trust scheme and the scheme as a whole is not so regarded.
3
An “umbrella scheme” means a unit trust scheme—
a
that provides arrangements for separate pooling of the contributions of participants and the profits or income out of which payments are to be made for them, and
b
under which the participants are entitled to exchange rights in one pool for rights in another.
A “part” of an umbrella scheme means such of the arrangements as relate to a separate pool.
4
In this Part, subject to any regulations under subsection (5)—
- “unit trust scheme” has the same meaning as in the Financial Services and Markets Act 2000 (c. 8), and
- “unit holder” means a person entitled to a share of the investments subject to the trusts of a unit trust scheme.
5
The Treasury may by regulations provide 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 this Part.
Any such regulations may contain such supplementary and transitional provisions as appear to the Treasury to be necessary or expedient.
6
Section 620 of the Corporation Tax Act 2010 (court investment funds treated as authorised unit trusts) applies for the purposes of this Part as it applies for the purposes of that Act, with the substitution for references to an authorised unit trust of references to a unit trust scheme.
7
An unit trust scheme is not to be treated as a company for the purposes of—
...
- Schedule 7 (group relief, reconstruction relief or acquisition relief) , or
- Schedule 9A (increased rates for non-resident transactions).
Pt. 4 wholly in force at Royal Assent subject to Sch. 19, see s. 124, Sch. 19 para. 1(1)
Pt. 4 construed as one with S.I. 2006/575, reg. 43 (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 43(4)
Words in s. 101(1) substituted (with effect in accordance with s. 166(4)-(8) of the amending Act) by Finance Act 2006 (c. 25), s. 166(3)(a)
Words in s. 101(7) repealed (with effect in accordance with s. 166(4)-(8) of the amending Act) by Finance Act 2006 (c. 25), s. 166(3)(b), Sch. 26 Pt. 7(3)
Pt. 4 modified (coming into force at 2 p.m. on 6.12.2006) by The Stamp Duty Land Tax (Variation of the Finance Act 2003) Regulations 2006 (S.I. 2006/3237), regs. 1, 2, Sch.
Words in s. 101(6) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 408 (with Sch. 2)
Pt. 4 modified (17.7.2013) by Finance Act 2013 (c. 29), s. 194(8)-(12)
Pt. 4 applied (17.7.2014) by Finance Act 2014 (c. 26), ss. 223(8)(9)(d)
Pt. 4 modified (temp.) (22.7.2020) by Stamp Duty Land Tax (Temporary Relief) Act 2020 (c. 15), s. 1 (as amended (10.6.2021) by 2021 c. 26, s. 87(2))
Words in s. 101(7) inserted (with effect in accordance with Sch. 16 para. 6 of the amending Act) by Finance Act 2021 (c. 26), Sch. 16 para. 3
Pt. 4 modified (temp.) (10.6.2021) by 2020 c. 15, s. 1A (as inserted by Finance Act 2021 (c. 26), s. 87(3))
Pt. 4 modified (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 28, 30 (with reg. 63)
Pt. 4 applied (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 29(2)(5) (with reg. 63)