
1 
These Regulations may be cited as the Stamp Duty and Stamp Duty Reserve Tax (Definition of Unit Trust Scheme and Open-ended Investment Company) Regulations 2001 and shall come into force on 6th April 2001.
2 
In these Regulations—
 “individual pension accounts” has the meaning given by regulation 4 of the Personal Pension Schemes (Restriction on Discretion to Approve) (Permitted Investments) Regulations 2001;
 “open-ended investment company” has the meaning given by subsection (10) of section 468 of the Income and Corporation Taxes Act 1988, read with subsections (11) to (18) of that section, as those subsections are added in relation to open-ended investment companies by regulation 10(4) of the Open-ended Investment Companies (Tax) Regulations 1997; and accordingly references in subsections (11) to (16) of that section shall be construed as if they included references both to the enactments relating to stamp duty and to the enactments relating to stamp duty reserve tax;
 “trust investment”, “unit” and “unit trust scheme” have the meanings given by paragraph 14 of Schedule 19 to the Finance Act 1999.
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.
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.
5 

(1) Amend the Stamp Duty Reserve Tax Regulations 1986 as follows.
(2) In regulation 4B—
(a) in paragraph (1)—
(i) in sub-paragraph (a)(iii) for “paragraph 6” substitute “paragraph 6A, 6”;
(ii) after sub-paragraph (a) insert—“(aa) give to the Board any certificate pursuant to paragraph 6A(2) of Schedule 19 to the Finance Act 1999 to be contained in, or provided with, the notice, and”;
(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,”.
6 

(1) Amend the Stamp Duty and Stamp Duty Reserve Tax (Open-ended Investment Companies) Regulations 1997 as follows.
(2) In regulation 4B after paragraph (2) insert—“
(3) After subsection (5B) insert—“
(5C) “Chargeable securities” does not include shares in a company which is treated as not being an open-ended investment company by regulations made under paragraph 17 of Schedule 19 to the Finance Act 1999 (“paragraph 17”).
 In this subsection the reference to paragraph 17 is a reference to that paragraph as it has effect in relation to open-ended investment companies by virtue of regulations 3 to 4A of the Stamp Duty and Stamp Duty Reserve Tax (Open-ended Investment Companies) Regulations 1997.””
Clive Betts
Greg Pope
Two of the Lords Commissioners of Her Majesty’s Treasury
14th March 2001