(1)The acquisition of a chargeable interest by trustees of a unit trust scheme is exempt from charge if the following conditions are met.
(2)The conditions are that—
(a)immediately before the acquisition—
(i)there were no assets held by the trustees for the purposes of the scheme, and
(ii)there were no units of the scheme in issue,
(b)the only consideration for the acquisition is the issue of units in the scheme to the vendor, and
(c)immediately after the acquisition the vendor is the only unit holder of the scheme.]
Textual Amendments
F1S. 64A inserted (with effect in accordance with Sch. 39 para. 26 of the amending Act) by Finance Act 2004 (c. 12), Sch. 39 para. 18 (which amending provision re-enacts, subject to certain changes, a corresponding amendment made by the now revoked Stamp Duty and Stamp Duty Land Tax (Variation of the Finance Act 2003) (No. 2) Regulations 2003 (S.I. 2003/2816), see Sch. 39 para. 14)