The Capital Gains Tax (Definition of Unit Trust Scheme) Regulations 1988

• Citation: S.I. 1988/266
• Sections: 4

Section 1 Citation and commencement

These Regulations may be cited as the Capital Gains Tax (Definition of Unit Trust Scheme) Regulations 1988 and shall come into force on 11th March 1988.

Section 2 Interpretation

In these Regulations unless the context otherwise requires—

“limited partnership” means a limited partnership registered under the Limited Partnerships Act 1907 and “general partner” and “limited partner” have the same meanings as in that Act,

“limited partnership scheme” means a unit trust scheme of the description specified in regulation 4;

“participant” in relation to a unit trust scheme, has the meaning given by section 75(2) of the Financial Services Act 1986 ;

“the principal Act ” means the Capital Gains Tax Act 1979;

“scheme property” means, in relation to a unit trust scheme, property of any description, including money, which is held on trust for the participants in the scheme;

“unit trust scheme” means a scheme which, apart from these Regulations, is a unit trust scheme for the purposes of the principal Act.

Section 3 Exception of certain unit trust schemes from the principal Act

A unit trust scheme which is—

(a) a limited partnership scheme, or

(b) a profit sharing scheme which has been approved in accordance with Part I of Schedule 9 to the Finance Act 1978 ,

shall be treated as not being a unit trust scheme for the purposes of the principal Act.

Section 4 Description of a limited partnership scheme

A unit trust scheme is a limited partnership scheme when the scheme property is held on trust for the general partners and the limited partners in a limited partnership.