{
  "url": "https://openlegislation.uk/finance-act-1999/schedule-13/paragraph-25A",
  "json_url": "https://openlegislation.uk/finance-act-1999/schedule-13/paragraph-25A.json",
  "legislation": "ukpga/1999/16",
  "legislation_title": "Finance Act 1999",
  "legislation_url": "https://openlegislation.uk/finance-act-1999",
  "path": "schedule/13/paragraph/25A",
  "kind": "paragraph",
  "number": "25A",
  "heading": null,
  "text": "(1) Subject to sub-paragraph (3), stamp duty is not chargeable under this Schedule ... —\n(a) on the transfer of stock, marketable securities or an interest in a partnership to a depositary under a co-ownership contractual scheme, to be held as part of the property subject to the scheme, in exchange for the issue of units in the scheme (and for no other consideration);\n(b) in relation to a co-ownership contractual umbrella scheme, on transfers between sub-schemes;\n(c) on the transfer of units in a co-ownership contractual scheme.\n(1A) In sub-paragraph (1) and this sub-paragraph—\n“authorised contractual scheme” has the meaning given in section 237(3) of the Financial Services and Markets Act 2000;\n“co-ownership contractual scheme” means—\n(a)an authorised contractual scheme, or\n(b)a Reserved Investor Fund (Contractual Scheme);\n“co-ownership contractual umbrella scheme” means a co-ownership contractual scheme—\n(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\n(b)under which the participants are entitled to exchange rights in one pool for rights in another;\n“depositary” has the meaning given in section 237(2) of the Financial Services and Markets Act 2000;\n“Reserved Investor Fund (Contractual Scheme)” has the meaning given by section 20 of the Finance (No.2) Act 2024;\n“sub-scheme”, in relation to a contractual umbrella scheme, means such of the arrangements as relate to a separate pool;\n“units” has the meaning given in section 237(2) of the Financial Services and Markets Act 2000.\n(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(3) 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.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 13 para. 25A inserted (28.6.2013) by The Stamp Duty and Stamp Duty Reserve Tax (Collective Investment Schemes) (Exemptions) Regulations 2013 (S.I. 2013/1401), regs. 1, 5"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Word in Sch. 13 para. 25A(1) omitted (19.3.2025) by virtue of The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(a) (with reg. 63)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Word in Sch. 13 para. 25A(1)(a) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(b)(i) (with reg. 63)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in Sch. 13 para. 25A(1)(a) substituted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(b)(ii) (with reg. 63)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Sch. 13 para. 25A(1)(b) substituted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(c) (with reg. 63)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Word in Sch. 13 para. 25A(1)(c) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(d)(i) (with reg. 63)"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "Words in Sch. 13 para. 25A(1)(c) substituted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(d)(ii) (with reg. 63)"
    },
    {
      "type": "F",
      "label": "F8",
      "text": "Sch. 13 para. 25A(1A) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(e) (with reg. 63)"
    },
    {
      "type": "F",
      "label": "F9",
      "text": "Sch. 13 para. 25A(2) omitted (19.3.2025) by virtue of The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(f) (with reg. 63)"
    }
  ],
  "outstanding_effects": [
    {
      "type": "repealed (prosp.)",
      "affecting": "ukpga/1999/16",
      "affecting_title": "Finance Act 1999"
    },
    {
      "type": "repealed in part (prosp.)",
      "affecting": "ukpga/1999/16",
      "affecting_title": "Finance Act 1999"
    },
    {
      "type": "restricted (1.10.1999)",
      "affecting": "ukpga/1999/16",
      "affecting_title": "Finance Act 1999"
    },
    {
      "type": "repealed in part (prosp.)",
      "affecting": "ukpga/1999/16",
      "affecting_title": "Finance Act 1999"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1999/16/schedule/13/paragraph/25A",
    "retrieved_at": "2026-10-29T09:21:57.430446+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."
}