1988 No. 266
The Capital Gains Tax (Definition of Unit Trust Scheme) Regulations 1988
Made
Laid before the House of Commons
Coming into force
The Treasury, in exercise of the powers conferred on them by section 92 of the Capital Gains Tax Act 19791, hereby make the following Regulations:
Citation and commencement1
These Regulations may be cited as the Capital Gains Tax (Definition of Unit Trust Scheme) Regulations 1988 and shall come into force on 11th March 1988.
Interpretation2
In these Regulations unless the context otherwise requires—
“limited partnership” means a limited partnership registered under the Limited Partnerships Act 19072 and “general partner” and “limited partner” have the same meanings as in that Act,
“limited partnership scheme” means a unit trust scheme of the description specified in regulation 4;
“participant” in relation to a unit trust scheme, has the meaning given by section 75(2) of the Financial Services Act 19863;
“the principal Act” means the Capital Gains Tax Act 1979;
“scheme property” means, in relation to a unit trust scheme, property of any description, including money, which is held on trust for the participants in the scheme;
“unit trust scheme” means a scheme which, apart from these Regulations, is a unit trust scheme for the purposes of the principal Act.
Exception of certain unit trust schemes from the principal Act3
A unit trust scheme which is—
a
a limited partnership scheme, or
b
a profit sharing scheme which has been approved in accordance with Part I of Schedule 9 to the Finance Act 19784,
shall be treated as not being a unit trust scheme for the purposes of the principal Act.
Description of a limited partnership scheme4
A unit trust scheme is a limited partnership scheme when the scheme property is held on trust for the general partners and the limited partners in a limited partnership.
(This note is not part of the Regulations)