http://www.legislation.gov.uk/uksi/1988/268/contents/made

The Stamp Duty and Stamp Duty Reserve Tax (Definitions of Unit Trust Scheme) Regulations 1988

Stamp duties

Legislation

Tax

King's Printer of Acts of Parliament

2013-07-09

TAXES

These Regulations provide for certain unit trust schemes to be excepted from the definitions of unit trust scheme given by section 57(1) of the Finance Act 1946 (“section 57(1)”) and section 28(1) of the Finance (No. 2) Act (Northern Ireland) 1946 (“section 28(1)”). As substituted by section 48 of the Finance Act 1987, those sections provide that“unit trust scheme” is to have the same meaning as in the Financial Services Act 1986. Two types of unit trust scheme are excepted from the definitions in section 57(1) and section 28(1) by these Regulations: limited partnership schemes and approved profit sharing schemes. In these cases the trust instrument relating to the scheme will not be liable to unit trust instrument duty and units under the scheme will not be treated as stock for transfer duty purposes or (by virtue of section 99(9) of the Finance Act 1986 (c. 41)) as chargeable securities for the purposes of stamp duty reserve tax.