Part IV General Definitions
Finance Act 1999 (1999 c 16) | Legislation

Part IV General Definitions

Meaning of “unit trust scheme†and related expressions

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(1)     The following definitions apply for the purposes of the enactments relating to stamp duty and the enactments relating to stamp duty reserve tax.

(2)     “Unit trust scheme†has [the meaning given by section 237(1) of the Financial Services and Markets Act 2000], subject to paragraphs 15 to 18.

(3)     In relation to a unit trust scheme—

“trust instrument†means the trust deed or other instrument (whether under seal or not) creating or recording the trusts on which the property in question is held;

“trust property†means the property subject to the trusts of the trust instrument;

“unit†means a right or interest (whether described as a unit, as a sub-unit or otherwise) of a beneficiary under the trust instrument;

“unit holder†means a person entitled to a share of the trust property; and

“certificate to bearerâ€, in relation to a unit, means a document by the delivery of which the unit can be transferred.

Schemes not treated as unit trust schemes

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