# The Co-ownership Contractual Schemes (Tax) Regulations 2025, Regulation 50: Stamp duty reserve tax: exceptions


In section 90 of FA 1986—
(a) in subsection (7B)—
(i) in paragraph (a)(i) for “an authorised” substitute “a co-ownership”,
(ii) for paragraph (a)(ii) substitute—
“(ii) in relation to a co-ownership contractual umbrella scheme, on transfers between sub-schemes;”, and
(iii) in paragraph (b) for “an authorised” substitute “a co-ownership”;
(b) after subsection (7B) insert—
“(7BA) In subsection (7B) and this subsection—
“authorised contractual scheme” has the meaning given in section 237(3) of the Financial Services and Markets Act 2000;
“co-ownership contractual scheme” means—
(a) an authorised contractual scheme, or
(b) a Reserved Investor Fund (Contractual Scheme);
“co-ownership contractual umbrella scheme” means a co-ownership contractual 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;
“depositary” has the meaning given in section 237(2) of the Financial Services and Markets Act 2000;
“Reserved Investor Fund (Contractual Scheme)” has the meaning given by section 20 of the Finance (No.2) Act 2024;
“sub-scheme”, in relation to a co-ownership contractual umbrella scheme, means such of the arrangements as relate to a separate pool;
“units” has the meaning given in section 237(2) of the Financial Services and Markets Act 2000.”;
(c) omit subsection (7C).

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Source: https://www.legislation.gov.uk/uksi/2025/200/regulation/50 (the official version)
Page: https://openlegislation.uk/co-ownership-contractual-schemes-tax-regulations-2025/regulation-50
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.