{
  "url": "https://openlegislation.uk/capital-gains-tax-definition-of-unit-trust-scheme-regulations-1988",
  "json_url": "https://openlegislation.uk/capital-gains-tax-definition-of-unit-trust-scheme-regulations-1988.json",
  "id": "uksi/1988/266",
  "title": "The Capital Gains Tax (Definition of Unit Trust Scheme) Regulations 1988",
  "short_title": "Capital Gains Tax (Definition of Unit Trust Scheme) 1988",
  "long_title": "These Regulations provide for certain unauthorised unit trust schemes to be excepted from the definition of unit trust scheme for the purposes of capital gains tax given by section 92(1)(a) of the Capital Gains Tax Act 1979 (“section 92(1)(a)”). As substituted by section 40(3) of the Finance Act 1987, that section provides that “unit trust scheme” is to have the same meaning as in the Financial Services Act 1986. Two types of unit trust scheme are excepted from the definition in section 92(1)(a) by these Regulations: limited partnership schemes and approved profit sharing schemes. In the case of limited partnership schemes the liability of the trustees and unit holders for the purposes of capital gains tax will accord with the legal nature of the relationship between them, as established by the terms of the scheme. Approved profit sharing schemes will be taxed in accordance with section 53(5) of the Finance Act 1978.",
  "citation": "S.I. 1988/266",
  "type": "uksi",
  "year": "1988",
  "number": "266",
  "version": "current",
  "date": "1988-02-18",
  "revised": false,
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  "unapplied_effects": 2,
  "provisions": [
    {
      "path": "introduction",
      "kind": "introduction",
      "number": null,
      "heading": "Introductory text",
      "url": "https://openlegislation.uk/capital-gains-tax-definition-of-unit-trust-scheme-regulations-1988/introduction",
      "extent": null,
      "status": null,
      "parent": null
    },
    {
      "path": "regulation/1",
      "kind": "regulation",
      "number": "1",
      "heading": "Citation and commencement",
      "url": "https://openlegislation.uk/capital-gains-tax-definition-of-unit-trust-scheme-regulations-1988/regulation-1",
      "extent": null,
      "status": null,
      "parent": null
    },
    {
      "path": "regulation/2",
      "kind": "regulation",
      "number": "2",
      "heading": "Interpretation",
      "url": "https://openlegislation.uk/capital-gains-tax-definition-of-unit-trust-scheme-regulations-1988/regulation-2",
      "extent": null,
      "status": null,
      "parent": null
    },
    {
      "path": "regulation/3",
      "kind": "regulation",
      "number": "3",
      "heading": "Exception of certain unit trust schemes from the principal Act",
      "url": "https://openlegislation.uk/capital-gains-tax-definition-of-unit-trust-scheme-regulations-1988/regulation-3",
      "extent": null,
      "status": null,
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    },
    {
      "path": "regulation/4",
      "kind": "regulation",
      "number": "4",
      "heading": "Description of a limited partnership scheme",
      "url": "https://openlegislation.uk/capital-gains-tax-definition-of-unit-trust-scheme-regulations-1988/regulation-4",
      "extent": null,
      "status": null,
      "parent": null
    },
    {
      "path": "signature",
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      "number": null,
      "heading": "Signature",
      "url": "https://openlegislation.uk/capital-gains-tax-definition-of-unit-trust-scheme-regulations-1988/signature",
      "extent": null,
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    },
    {
      "path": "note",
      "kind": "note",
      "number": null,
      "heading": "Explanatory note",
      "url": "https://openlegislation.uk/capital-gains-tax-definition-of-unit-trust-scheme-regulations-1988/note",
      "extent": null,
      "status": null,
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    }
  ],
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      "language": null,
      "date": "2023-11-22",
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      "url": "https://openlegislation.uk/capital-gains-tax-definition-of-unit-trust-scheme-regulations-1988/pdf/uksi_19880266_en.pdf",
      "source_url": "https://www.legislation.gov.uk/uksi/1988/266/pdfs/uksi_19880266_en.pdf"
    }
  ],
  "outstanding_effects": [
    {
      "type": "amended",
      "affected_provisions": "reg. 3",
      "affecting": "uksi/2000/2550",
      "affecting_title": "The Capital Gains Tax (Definition of Unit Trust Scheme) (Amendment) Regulations 2000",
      "affecting_provisions": "reg.2"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 2",
      "affecting": "uksi/2001/3629",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001",
      "affecting_provisions": "art. 116"
    }
  ],
  "made_under": [
    {
      "id": "ukpga/1979/14",
      "title": "Capital Gains Tax Act 1979 (repealed 6.3.1992)",
      "url": "https://openlegislation.uk/capital-gains-tax-act-1979-repealed-631992",
      "provisions": [
        "section/92"
      ]
    }
  ],
  "changes_made_to": 2,
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  "instruments_made_under_url": "https://openlegislation.uk/capital-gains-tax-definition-of-unit-trust-scheme-regulations-1988/instruments.json",
  "provenance": {
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    "source_url": "https://www.legislation.gov.uk/uksi/1988/266",
    "retrieved_at": "2026-10-29T16:11:37.757348+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}