SCHEDULES

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

Part IV General definitions

Treatment of umbrella schemes

18

1

For the purposes of the enactments relating to stamp duty and the enactments relating to stamp duty reserve tax each of the parts of an umbrella scheme is regarded as a unit trust scheme and the scheme as a whole is not so regarded.

2

An “umbrella scheme” means a unit trust 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;

and a “part of an umbrella scheme” means such of the arrangements as relate to a separate pool.

3

In relation to a part of an umbrella scheme—

a

any reference to the trust property has effect as a reference to such of the trust property as under the arrangements forms part of the separate pool to which the part of the umbrella scheme relates, and

b

any reference to a unit holder has effect as a reference to a person for the time being having rights in that separate pool.