The following definitions apply for the purposes of the enactments relating to stamp duty and the enactments relating to stamp duty reserve tax.

“Unit trust scheme” has F1the meaning given by section 237(1) of the Financial Services and Markets Act 2000, subject to paragraphs 15 to 18.

In relation to a unit trust scheme—

• “trust instrument” means the trust deed or other instrument (whether under seal or not) creating or recording the trusts on which the property in question is held;

• “trust property” means the property subject to the trusts of the trust instrument;

• “unit” means a right or interest (whether described as a unit, as a sub-unit or otherwise) of a beneficiary under the trust instrument;

• “unit holder” means a person entitled to a share of the trust property; and

• “certificate to bearer”, in relation to a unit, means a document by the delivery of which the unit can be transferred.