FINANCE (NO. 2) ACT (NORTHERN IRELAND) 1946 - SECT 25 Units under unit trust schemes to be treated as stock.

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FINANCE (NO. 2) ACT (NORTHERN IRELAND) 1946 - SECT 25

Units under unit trust schemes to be treated as stock.

25.(1) Any reference in the enactments relating to stamp duty to stock shall
be deemed to include a reference to a unit under a unit trust scheme, and any
reference in any such enactment to a stock certificate to bearer shall be
deemed to include a reference to a certificate to bearer in relation to a unit
under a unit trust scheme and, subject to the provisions of this Part of
this Act, the said enactments shall have effect accordingly.

(2) Any reference in the enactments relating to stamp duty to the nominal
amount or nominal value of stock shall, in relation to units under a unit
trust scheme, be construed as a reference to the value of the units in
question computed as if each unit were worth, and worth only, the price at
which similar units are first or were first obtainable under the scheme from
the trustees or managers thereof.

(3) Nothing in this Part of this Act shall render any duty exceeding [50p]
payable in respect of an instrument of transfer whereby the managers transfer
any unit under a unit trust scheme if their power to transfer the unit arises
from the transfer to them of that or some other unit within the immediately
preceding two months.

(4) Where a unit under a unit trust scheme is transferred to the managers by
an instrument of transfer duly stamped and, before the expiration of two
months from the date of the transfer the managers and trustees jointly certify

(a)that the certificate, if any, in respect of the unit has been cancelled;
and

(b)that, as a consequence of the transfer, a proportionate part of the trust
property has been realised, and the trust property diminished accordingly; and

(c)that the unit is extinguished and that the managers have no power to
transfer any other unit in lieu thereof,

Subs.(5) rep. by 1967 c.20 (NI) s.20 sch.3 Pt.I; 1976 c.40 s.132 sch.15 Pt.VI

(6) For the purposes of sections seventy-seven to seventy-nine of the Finance
(1909-10) Act, 1910 (which relate to contract notes in respect of the sale or
purchase of any stock or marketable security), the managers under a unit trust
scheme shall, in relation to units under that scheme, be treated as a person
who by way of business deals, or holds himself out as dealing, as a principal
in stock:

Provided that the expression "contract note" shall not include

(a)a note sent by the managers to a vendor or purchaser of units where that
vendor or purchaser is acting as a broker or agent for a principal and is
himself either a member of a stock exchange in the United Kingdom or a
stockbroker registered as such in the list kept by the Ministry under
sub-section (3) of section seventy-seven of the said Act; or

(b)a note sent by the managers notifying the sale of units where the sale is
to be implemented by a document which, under the provisions of this Part of
this Act, is not to be treated as effecting a transfer.

S.26 rep. by 1963 c.22 (NI) s.21 sch.3 Pt.II

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Northern Irish Legislation

FINANCE (NO. 2) ACT (NORTHERN IRELAND) 1946 - SECT 25