The Co-ownership Contractual Schemes (Tax) Regulations 2025

Stamp duty reserve tax: exceptions

50.  In section 90 of FA 1986(1)—

(a) in subsection (7B)—

(i) in paragraph (a)(i) for “an authorised” substitute “a co-ownership”,

(ii) for paragraph (a)(ii) substitute—

“(ii) in relation to a co-ownership contractual umbrella scheme, on transfers between sub-schemes;”, and

(iii) in paragraph (b) for “an authorised” substitute “a co-ownership”;

(b) after subsection (7B) insert—

“(7BA) In subsection (7B) and this subsection—

“authorised contractual scheme” has the meaning given in section 237(3) of the Financial Services and Markets Act 2000(2);

“co-ownership contractual scheme” means—

(a)

an authorised contractual scheme, or

(b)

a Reserved Investor Fund (Contractual Scheme);

“co-ownership contractual umbrella scheme” means a co-ownership contractual scheme—

(a)

which provides arrangements for separate pooling of the contributions of participants and of the profits or income out of which payments are to be made to them, and

(b)

under which the participants are entitled to exchange rights in one pool for rights in another;

“depositary” has the meaning given in section 237(2) of the Financial Services and Markets Act 2000;

“Reserved Investor Fund (Contractual Scheme)” has the meaning given by section 20 of the Finance (No.2) Act 2024;

“sub-scheme”, in relation to a co-ownership contractual umbrella scheme, means such of the arrangements as relate to a separate pool;

“units” has the meaning given in section 237(2) of the Financial Services and Markets Act 2000.”;

(c) omit subsection (7C).

(1)

1986 c. 41. Subsections 7B and 7C were inserted by S.I. 2013/1401.

(2)

2000 c. 8. The definition of “authorised contractual scheme” was inserted by regulation 3(6)(c)(i) of S.I. 2013/1388. Section 261D(1) (which is referred to in that definition) was inserted by regulation 3(12) of those Regulations.