Paragraph 25A F1

Subject to sub-paragraph (3), stamp duty is not chargeable under this Schedule F2... —

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.

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This paragraph shall not apply where the transfer forms part of arrangements of which the main purpose, or one of the main purposes, is the avoidance of stamp duty or stamp duty reserve tax.