SCHEDULES
Valid from 06/02/2000
SCHEDULE 19U.K. Stamp duty and stamp duty reserve tax: unit trusts
Part IIU.K. Stamp duty reserve tax on dealings with units in unit trusts
Modifications etc. (not altering text)
C1Sch. 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)
Proportionate reduction of tax by reference to assets heldU.K.
5(1)The amount of tax chargeable after any reduction under paragraph 4 shall be further reduced if in the relevant two-week period the trust property is invested in both exempt and non-exempt investments.U.K.
(2)The reduction is made by applying the following fraction to that amount—
Where:
N is the average market value of the non-exempt investments over the relevant two-week period, and
E is the average market value of the exempt investments over that period.
(3)In this paragraph “exempt investment” has the same meaning as in section 99(5A)(b) of the M1Finance Act 1986; and “non-exempt investment” means any investment that is not an exempt investment.