SCHEDULES

SCHEDULE 19 Stamp duty and stamp duty reserve tax: unit trusts

C1 Part II Stamp duty reserve tax on dealings with units in unit trusts

Annotations:
Modifications etc. (not altering text)
C1

Sch. 19 Pt. II excluded (11.5.2001 with effect as mentioned in s. 94(5) of the amending Act) by 2001 c. 9, s. 94(1)-(4)

Rate of tax

3

1

Tax under this Part of this Schedule is chargeable at the rate of 0.5% of the market value of the unit.

This is subject to any reduction under paragraph 4 or 5.

2

The market value of a unit means whichever is higher of—

a

the price the unit might reasonably be expected to fetch on a sale in the open market at the time of surrender, and

b

its cancellation price, or if it is redeemed its redemption price, at that time, calculated in accordance with the trust instrument.