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

Interpretation

2.  In these Regulations unless the context otherwise requires—

“limited partnership” means a limited partnership registered under the Limited Partnerships Act 1907(1) and“general partner” and“limited partner” have the same meanings as in that Act;

“limited partnership scheme” means a unit trust scheme of the description specified in regulation 4;

“Part III” means Part III of the Finance (No. 2) Act (Northern Ireland) 1946;

“Part VII” means Part VII of the Finance Act 1946;

“participant” in relation to a unit trust scheme, has the meaning given by section 75(2) of the Financial Services Act 1986(2);

“scheme property” means, in relation to a unit trust scheme, property of any description, including money, which is held on trust for the participants in the scheme;

“unit trust scheme” means a scheme which, apart from these Regulations, is a unit trust scheme for the purposes of Part VII or Part III as the case may be.

(1)

1907 c. 24; relevant amendments were made by section 286 of, and Part I of Schedule 6 to, the Companies (Consolidation) Act 1908 (c. 69), section 1 of, and Part I of the Schedule to, the Statute Law Revision Act 1927 (c. 42) and sections 46(b) and 51(2) of, and Schedule 7 to, the Banking Act 1979 (c. 37).

(2)

1986 c. 60.