
1 
These Regulations may be cited as the Capital Gains Tax (Definition of Unit Trust Scheme) Regulations 1988 and shall come into force on 11th March 1988.
2 
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;
 “participant” in relation to a unit trust scheme, has the meaning given by section 75(2) of the Financial Services Act 1986;
 “the principal Act” means the Capital Gains Tax Act 1979;
 “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 the principal Act.
3 
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 the principal Act.
4 
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.
David Lightbown
Mark Lennox-Boyd
Two of the Lords Commissioners of Her Majesty’s Treasury
18th February 1988