OpenLegislation

Regulation 51 Stamp duty: exemptions

Original text. Later amendments are not shown.

Paragraph 25A of Schedule 13 to FA 1999f1 is amended as follows—

(a)

in sub-paragraph (1) in the words before paragraph (a) omit “on”;

(b)

in sub-paragraph (1)(a)—

(i)

at the beginning insert “on”, and

(ii)

for “an authorised” substitute “a co-ownership”;

(c)

for paragraph (b) substitute—

“(b)

in relation to a co-ownership contractual umbrella scheme, on transfers between sub-schemes;”;

(d)

in sub-paragraph (1)(c)—

(i)

at the beginning insert “on”, and

(ii)

for “an authorised” substitute “a co-ownership”;

(e)

after sub-paragraph (1) insert—

“(1A)

In sub-paragraph (1) and this sub-paragraph—

  • “authorised contractual scheme” has the meaning given in section 237(3) of the Financial Services and Markets Act 2000;

  • “co-ownership contractual scheme” means—

    1. (a)

      an authorised contractual scheme, or

    2. (b)

      a Reserved Investor Fund (Contractual Scheme);

  • “co-ownership contractual umbrella scheme” means a co-ownership contractual scheme—

    1. (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

    2. (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 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.”;

(f)

omit sub-paragraph (2).

Annotations

Footnotes

f1

1999 c. 16. Paragraph 25A was inserted by S.I. 2013/1401.