1234. Application of stamp duty land tax provisions to unit trust schemes, open-ended investment companies and co-ownership authorised contractual schemes.

With one exception1, the stamp duty land tax provisions2 apply in relation to a unit trust scheme3 as if:


    (1)     the trustees were a company4; and


    (2)     the rights of the unit holders5 were shares in the company6.

Each of the parts of an umbrella scheme7 is treated for these purposes as a separate unit trust scheme and the scheme as a whole is not so regarded8.

Similar treatment applies in relation to a co-ownership authorised contractual schemes