Finance Act 1946

53 Stamp duty on trust instruments under unit trust schemes.

(1) Stamp duty shall be chargeable under the heading " Settlement " on the trust instrument of a unit trust scheme whatever the nature of the trust property, as if, in the heading " Settlement " in the First Schedule to the [54 & 55 Vict. c. 39.] Stamp Act, 1891, for the words " whereby any definite and certain principal sum of money (whether charged or chargeable on lands or other hereditaments or heritable subjects, or not, or to be laid out in the purchase of lands or other hereditaments or heritable subjects or not) or any definite and certain amount of stock, or any security, is settled or agreed to be settled in any manner whatsoever " there were substituted the words " whereby any property whatsoever is settled or agreed to be settled in any manner whatsoever ".

(2) Upon every occasion after the execution of the trust instrument of a unit trust scheme on which any property becomes trust property represented by units under the scheme, the trustees shall, not later than one month after the property so becomes trust property, furnish to the Commissioners a statement of the property, and produce therewith to the Commissioners the trust instrument duly stamped with ad valorem duty or additional ad valorem duty as if it were a new and separate instrument whereby that property was made trust property, bearing date on the day on which the property was made trust property :

Provided that this subsection shall not apply where the property is, or results from the investment of, proceeds of the sale, exchange or redemption of, or is bonus capital distributed in respect of, other trust property represented by units under the scheme.

(3) If the trustees under a unit trust scheme fail to comply with the requirements of the last preceding subsection, the duty with interest thereon at the rate of five per cent. per annum from the date when the property in question is made trust property shall be a debt duo to His Majesty from the trustees.