Made | 14th March 2001 | ||
Laid before the House of Commons | 14th March 2001 | ||
Coming into force | 6th April 2001 |
Schemes to be treated as not being unit trust schemes
3.
- (1) A scheme of the description specified in paragraph (2) shall be treated as not being a unit trust scheme for the purposes of the enactments relating to stamp duty and the enactments relating to stamp duty reserve tax.
(2) The description of scheme specified in this paragraph is a unit trust scheme the units under which are required by the terms of the trust instrument to be held only within individual pension accounts.
Companies to be treated as not being open-ended investment companies
4.
- (1) A company of the description specified in paragraph (2) shall be treated as not being an open-ended investment company for the purposes of the enactments relating to stamp duty and the enactments relating to stamp duty reserve tax.
(2) The description of company specified in this paragraph is an open-ended investment company the shares in which are required by the terms of the instrument incorporating the company to be held only within individual pension accounts.
Amendments to the Stamp Duty Reserve Tax Regulations 1986
5.
- (1) Amend the Stamp Duty Reserve Tax Regulations 1986[6] as follows.
(2) In regulation 4B[7] -
(b) in paragraph (3) after "under this regulation" insert ", and any certificate pursuant to paragraph 6A(2) of Schedule 19 to the Finance Act 1999 to be contained in, or provided with, such a notice,".
Amendment to the Stamp Duty and Stamp Duty Reserve Tax (Open-ended Investment Companies) Regulations 1997
6.
- (1) Amend the Stamp Duty and Stamp Duty Reserve Tax (Open-ended Investment Companies) Regulations 1997[9] as follows.
(2) In regulation 4B[10] after paragraph (2) insert -
Clive Betts
Greg Pope
Two of the Lords Commissioners of Her Majesty's Treasury
14th March 2001
[2] 1995 c. 4; section 152 was amended by paragraph 13 of Schedule 19 to the Finance Act 1999 (c. 16).back
[3] Paragraph 17 has effect in relation to open-ended investment companies in a manner corresponding to that in which it has effect in relation to unit trust schemes by virtue of regulations 3 to 4A of S.I. 1997/1156 as those regulations are substituted by regulations 4 and 5 of S.I. 1999/3261.back
[6] S.I. 1986/1711 relevantly amended by S.I. 1999/3264.back
[7] Inserted by regulation 7 of S.I. 1999/3264.back
[8] The reference is to paragraph 6A of Schedule 19 to the Finance Act 1999 which was inserted by a House of Commons resolution made on 13th March 2001 and having temporary statutory effect under section 1 of the Provisional Collection of Taxes Act 1968 (c. 2).back
[9] S.I. 1997/1156 relevantly amended by S.I. 1999/3261.back
[10] Substituted, together with regulations 4 and 4A, for regulation 4 by regulation 5 of S.I. 1999/3261.back
[11] The reference is to section 86(5B) of the Finance Act 1986 which was inserted by paragraph 12(3) of Schedule 19 to the Finance Act 1999.back