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FINANCE (NO. 2) ACT (NORTHERN IRELAND) 1946 - SECT 28

Interpretation of Part III.

28.(1) In this Part of this Act, except in so far as the context otherwise
requires, the following expressions have the meanings hereby respectively
assigned to them, that is to say:

"the enactments relating to stamp duty" means the Stamp Act, 1891, and any
enactment which amends or is required to be construed together with that Act;

"unit trust scheme" means any arrangements made for the purpose, or having the
effect, of providing, for persons having funds available for investment,
facilities for the participation by them, as beneficiaries under a trust, in
any profits or income arising from the acquisition, holding, management or
disposal of any property whatsoever;

"trust instrument" means, in relation to a unit trust scheme, the trust deed
or other instrument (whether under seal or not) creating or recording the
trusts by virtue of which persons are to participate as aforesaid;

"trust property" means, in relation to a unit trust scheme, the property
subject to the trusts of the trust instrument;

"trust property represented by units" means, in relation to a unit trust
scheme, all trust property except, where the trust instrument provides for
periodical distributions, any such dividends, interest or other property
arising from trust property as is required under the instrument to be
distributed at the next such distribution;

"unit" means, in relation to a unit trust scheme, a right or interest (whether
described as a unit, as a sub-unit, or otherwise) of a beneficiary under the
trust instrument;

"certificate to bearer" means, in relation to a unit under a unit trust
scheme, a document by the delivery of which the unit can be transferred ....

(2) Where a person authorises or requires the trustees or managers under a
unit trust scheme to treat him as no longer interested in a unit under the
scheme and authorises or requires them to treat another person as entitled to
that unit, he shall be deemed for the purposes of this Part of this Act to
transfer that unit, and any instrument whereby he gives the authority or makes
the requirement shall be deemed for the purposes of the enactments relating to
stamp duty to be a conveyance or transfer on sale, a conveyance or transfer
operating as a voluntary disposition inter vivos within the meaning of section
seventy-four of the Finance (1909-10) Act, 1910, or a conveyance or transfer
falling within the heading "Conveyance or Transfer of any kind not
hereinbefore described" in the First Schedule to the Stamp Act, 1891,
according to the nature of the transaction as between him and the person whom
he authorises the trustees or managers to treat as entitled to the unit.

(3) Where a person authorises or requires the trustees or managers under a
unit trust scheme to treat him as no longer interested in a unit under that
scheme and does not authorise or require them to treat another person as
entitled to that unit, he shall be deemed for the purposes of this Part of
this Act to transfer that unit to the managers, and any instrument whereby he
gives the authority or makes the requirement shall be deemed for the purposes
of the enactments relating to stamp duty to be a conveyance or transfer of the
unit on sale.

(4) Where the managers under a unit trust scheme authorise or require the
trustees under the scheme to treat a person as entitled to a unit thereunder
and their power so to do arises from a previous transfer to them of that unit
or some other unit, they shall be deemed for the purposes of this Part of
this Act to transfer the first mentioned unit to that person, and any
instrument whereby they give the authority or make the requirement shall be
deemed for the purposes of the enactments relating to stamp duty to be a
conveyance or transfer of the unit:

Provided that this sub-section does not apply to anything done by the managers
for the purpose merely of recognising or giving effect to a transmission of a
unit by operation of law.

Part IV (ss. 2931) rep. by SLR (NI) 1952; SLR (NI) 1953; 1954 c.17 s.28(1)
sch.7

S.33(1) rep. by SLR (NI) 1952; subs.(2)Death Duties

© 1946 Crown Copyright

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