The Stamp Duty and Stamp Duty Reserve Tax (Definitions of Unit Trust Scheme) Regulations 1988

• Citation: S.I. 1988/268
• Sections: 4

Section 1 Citation and commencement

These Regulations may be cited as the Stamp Duty and Stamp Duty Reserve Tax (Definitions 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;

“Part III” means Part III of the Finance (No. 2) Act (Northern Ireland) 1946;

“Part VII” means Part VII of the Finance Act 1946;

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

“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 Part VII or Part III as the case may be.

Section 3 Exception of certain unit trust schemes from Part VII and Part III

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 Part VII or Part III as the case may be.

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.