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(b) under which the participants are entitled to exchange rights in one pool | |
for rights in another. | |
A “part” of an umbrella scheme means such of the arrangements as relate to a | |
separate pool. | |
(4) In this Part, subject to any regulations under subsection (5)— | 5 |
“unit trust scheme” has the same meaning as in the Financial Services and | |
Markets Act 2000 (c. 8), and | |
“unit holder” means a person entitled to a share of the investments subject | |
to the trusts of a unit trust scheme. | |
(5) The Treasury may by regulations provide that a scheme of a description | 10 |
specified in the regulations is to be treated as not being a unit trust scheme for | |
the purposes of this Part. | |
Any such regulations may contain such supplementary and transitional | |
provisions as appear to the Treasury to be necessary or expedient. | |
(6) Section 469A of the Taxes Act 1988 (court common investment funds treated as | 15 |
authorised unit trusts) applies for the purposes of this Part as it applies for the | |
purposes of that Act, with the substitution for references to an authorised unit | |
trust of references to a unit trust scheme. | |
(7) An unit trust scheme is not to be treated as a company for the purposes of— | |
section 53 (deemed market value rule for transactions with connected | 20 |
companies), or | |
Schedule 7 (group relief, reconstruction relief or acquisition relief). | |
102 Open-ended investment companies | |
(1) The Treasury may by regulations make such provision as they consider | |
appropriate for securing that the provisions of this Part have effect in relation | 25 |
to— | |
(a) open-ended investment companies of such description as may be | |
prescribed in the regulations, and | |
(b) transactions involving such companies, | |
in a manner corresponding, subject to such modifications as the Treasury | 30 |
consider appropriate, to the manner in which they have effect in relation to unit | |
trust schemes and transactions involving such trusts. | |
(2) The regulations may, in particular, make provision— | |
(a) modifying the operation of any prescribed provision in relation to | |
open-ended investment companies so as to secure that arrangements | 35 |
for treating the assets of such a company as assets comprised in | |
separate pools are given an effect corresponding to that of equivalent | |
arrangements constituting the separate parts of an umbrella scheme; | |
(b) treating the separate parts of the undertaking of an open-ended | |
investment company in relation to which such provision is made as | 40 |
distinct companies for the purposes of this Part. | |
(3) Regulations under this section may— | |
(a) make different provision for different cases, and | |
(b) contain such incidental, supplementary, consequential and transitional | |
provision as the Treasury think fit. | 45 |
(4) In this section— | |
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“open-ended investment company” has the meaning given by section 236 | |
of the Financial Services and Markets Act 2000 (c. 8); | |
“prescribed” means prescribed by regulations under this section; and | |
“unit trust scheme” and “umbrella scheme” have the same meaning as in | |
section 101. | 5 |
103 Joint purchasers | |
(1) This section applies to a land transaction where there are two or more | |
purchasers who are or will be jointly entitled to the interest acquired. | |
(2) The general rules are that— | |
(a) any obligation of the purchaser under this Part in relation to the | 10 |
transaction is an obligation of the purchasers jointly but may be | |
discharged by any of them, | |
(b) anything required or authorised by this Part to be done in relation to | |
the purchaser must be done by or in relation to all of them, and | |
(c) any liability of the purchaser under this Part in relation to the | 15 |
transaction (in particular, any liability arising by virtue of the failure to | |
fulfil an obligation within paragraph (a)), is a joint and several liability | |
of the purchasers. | |
These rules are subject to the following provisions. | |
(3) If the transaction is a notifiable transaction, a single land transaction return is | 20 |
required. | |
(4) The declaration required by paragraph 1(1)(c) of Schedule 10 or paragraph | |
2(1)(c) of Schedule 11 (declaration that return or self-certificate is complete and | |
correct) must be made by all the purchasers. | |
(5) If the Inland Revenue give notice of an enquiry into the return or self- | 25 |
certificate— | |
(a) the notice must be given to each of the purchasers, | |
(b) the powers of the Inland Revenue as to the production of documents | |
and provision of information for the purposes of the enquiry are | |
exercisable separately (and differently) in relation to each of the | 30 |
purchasers, | |
(c) any of the purchasers may apply for a direction that a closure notice be | |
given (and all of them are entitled to appear and be heard on the | |
application), and | |
(d) the closure notice must be given to each of the purchasers. | 35 |
(6) A Revenue determination or discovery assessment relating to the transaction | |
must be made against all the purchasers and is not effective against any of | |
them unless notice of it is given to each of them whose identity is known to the | |
Inland Revenue. | |
(7) In the case of an appeal arising from proceedings under this Part relating to the | 40 |
transaction— | |
(a) the appeal may be brought by any of the purchasers, | |
(b) notice of the appeal must be given to any of them by whom it is not | |
brought, | |
(c) the agreement of all the purchasers is required if the appeal is to be | 45 |
settled by agreement, | |
(d) if it is not settled, any of them are entitled to appear and be heard, and | |
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(e) the decision on the appeal binds all of them. | |
(8) This section has effect subject to— | |
the provisions of Schedule 15 relating to partnerships, and | |
the provisions of Schedule 16 relating to trustees. | |
104 Partnerships | 5 |
(1) Schedule 15 has effect with respect to the application of this Part in relation to | |
partnerships. | |
(2) In that Schedule— | |
Part 1 defines “partnership” and contains other general provisions, and | |
Part 2 deals with ordinary partnership transactions, and | 10 |
Part 3 excludes certain transactions from stamp duty land tax. | |
105 Trustees | |
Schedule 16 has effect with respect to the application of this Part in relation to | |
trustees. | |
106 Persons acting in a representative capacity etc | 15 |
(1) The person having the direction, management or control of the property of an | |
incapacitated person— | |
(a) is responsible for discharging any obligations under this Part, in | |
relation to a transaction affecting that property, to which the | |
incapacitated person would be subject if he were not incapacitated, and | 20 |
(b) may retain out of money coming into his hands on behalf of the | |
incapacitated person sums sufficient to meet any payment he is liable | |
to make under this Part, and, so far as he is not so reimbursed, is | |
entitled to be indemnified in respect of any such payment. | |
(2) The parent or guardian of a minor is responsible for discharging any | 25 |
obligations of the minor under this Part that are not discharged by the minor | |
himself. | |
(3) The personal representatives of a person who is the purchaser under a land | |
transaction— | |
(a) are responsible for discharging the obligations of the purchaser under | 30 |
this Part in relation to the transaction, and | |
(b) may deduct any payment made by them under this Part out of the | |
assets and effects of the deceased person. | |
(4) A receiver appointed by a court in the United Kingdom having the direction | |
and control of any property is responsible for discharging any obligations | 35 |
under this Part in relation to a transaction affecting that property as if the | |
property were not under the direction and control of the court. | |
107 Crown application | |
(1) Subject to the following provisions of this section, this Part applies in relation | |
to public offices and departments of the Crown. | 40 |
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But nothing in this Part shall require the payment by any such office or | |
department of tax that would ultimately be borne by the Crown. | |
(2) A land transaction under which the purchaser is any of the following is exempt | |
from charge: | |
Government | 5 |
A Minister of the Crown | |
The Scottish Ministers | |
A Northern Ireland department | |
Parliament etc | |
The Corporate Officer of the House of Lords | 10 |
The Corporate Officer of the House of Commons | |
The Scottish Parliamentary Corporate Body | |
The Northern Ireland Assembly Commission | |
The National Assembly for Wales | |
(3) The powers conferred by Part 7 of Schedule 13 (entry with warrant to obtain | 15 |
information) are not exercisable in relation to premises occupied for the | |
purposes of the Crown. | |
Supplementary provisions | |
108 Linked transactions | |
(1) Transactions are “linked” for the purposes of this Part if they form part of a | 20 |
single scheme, arrangement or series of transactions between the same vendor | |
and purchaser or, in either case, persons connected with them. | |
Section 839 of the Taxes Act 1988 (connected persons) has effect for the | |
purposes of this subsection | |
(2) Where there are two or more linked transactions with the same effective date, | 25 |
the purchaser, or all of the purchasers if there is more than one, may make a | |
single land transaction return as if all of those transactions that are notifiable | |
were a single notifiable transaction. | |
(3) Where two or more purchasers make a single return in respect of linked | |
transactions, section 103 (joint purchasers) applies as if— | 30 |
(a) the transactions in question were a single transaction, and | |
(b) those purchasers were purchasers acting jointly. | |
109 General power to vary this Part by regulations | |
(1) The Treasury may if they consider it expedient in the public interest make | |
provision by regulations for the variation of this Part in its application to land | 35 |
transactions of any description. | |
(2) The power conferred by this section includes, in particular, power to alter— | |
(a) the descriptions of land transaction that are chargeable or notifiable; | |
(b) the descriptions of land transaction in respect of which tax is chargeable | |
at any existing rate or amount. | 40 |
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(3) The power conferred by this section does not, except as mentioned in | |
subsection (2)(b), include power to vary any threshold, rate or amount | |
specified in— | |
(a) section 55 (amount of tax chargeable: general), or | |
(b) Schedule 5 (amount of tax chargeable: rent). | 5 |
(4) This section has effect subject to section 110 (approval of regulations by House | |
of Commons). | |
(5) Regulations under this section do not apply in relation to any transaction of | |
which the effective date is after the end of— | |
(a) the period of 18 months beginning with the day on which the | 10 |
regulations were made, or | |
(b) such shorter period as may be specified in the regulations. | |
This does not affect the power to make further provision by regulations under | |
this section to the same or similar effect. | |
(6) Regulations under this section may include such supplementary, transitional | 15 |
and incidental provision as appears to the Treasury to be necessary or | |
expedient. | |
(7) The power conferred by this section may be exercised at any time after the | |
passing of this Act. | |
110 Approval of regulations under general power | 20 |
(1) An instrument containing regulations under section 109 (general power to | |
vary this Part by regulations) must be laid before the House of Commons after | |
being made. | |
(2) If the regulations are not approved by the House of Commons before the end | |
of the period of 28 days beginning with the day on which they are made, they | 25 |
shall cease to have effect at the end of that period (if they have not already | |
ceased to have effect under subsection (3)). | |
(3) If on any day during that period of 28 days the House of Commons, in | |
proceedings on a motion that (or to the effect that) the regulations be approved, | |
comes to a decision rejecting the regulations, they shall cease to have effect at | 30 |
the end of that day. | |
(4) In reckoning any such period of 28 days take no account of any time during | |
which— | |
(a) Parliament is prorogued or dissolved, or | |
(b) the House of Commons is adjourned for more than four days. | 35 |
(5) Where regulations cease to have effect under this section, their ceasing to have | |
effect is without prejudice to anything done in reliance on them. | |
As to claims for repayment, see section 111. | |
111 Claim for repayment if regulations under general power not approved | |
(1) Where regulations cease to have effect under section 110, any amount paid by | 40 |
way of tax, or interest or penalty, that would not have been payable but for the | |
regulations shall, on a claim, be repaid by the Inland Revenue. | |
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(2) Section 89 (interest on repayment of tax overpaid etc) applies to a repayment | |
under this section. | |
(3) A claim for repayment must be made within two years after the effective date | |
of the transaction in question. | |
(4) The Inland Revenue may make provision by regulations— | 5 |
(a) for varying the time limit for making a claim; | |
(b) as to any other conditions that must be met before repayment is made. | |
112 Power to amend certain provisions before implementation | |
(1) The Treasury may by regulations amend the following provisions of this | |
Part— | 10 |
(a) Schedule 5 (amount of tax chargeable: rent); | |
(b) subsection (2) of section 55 (amount of tax chargeable: general) so far as | |
relating to the thresholds at which different rates of tax become | |
payable. | |
(2) The regulations may make such consequential amendments of Schedule 6 | 15 |
(disadvantaged areas relief) as appear to the Treasury to be appropriate. | |
(3) A statutory instrument containing regulations under this section shall not be | |
made unless a draft of the instrument has been laid before and approved by | |
resolution of the House of Commons. | |
(4) The power conferred by this section is not exercisable after the implementation | 20 |
date. | |
113 Functions conferred on “the Inland Revenue” | |
(1) References in this Part to “the Inland Revenue” are to any officer of the Board, | |
except as otherwise provided. | |
(2) Any power of the Inland Revenue to make regulations is exercisable only by | 25 |
the Board. | |
(3) In Schedule 10 (returns, assessments and other administrative matters)— | |
(a) functions of the Inland Revenue under these provisions are exercisable | |
by the Board or an officer of the Board— | |
(i) paragraph 28 (discovery assessment), | 30 |
(ii) paragraph 29 (assessment to recover excessive repayment); | |
(b) functions of the Inland Revenue under these provisions are functions of | |
the Board— | |
(i) paragraph 33 (relief in case of double assessment), | |
(ii) paragraph 34 (relief in case of mistake in return). | 35 |
(4) Nothing in this section affects any provision of this Part that expressly confers | |
functions on the Board, an officer of the Board, a collector or a specific officer | |
of the Board. | |
114 Orders and regulations made by the Treasury or the Inland Revenue | |
(1) Except as otherwise provided, any power of the Treasury or the Inland | 40 |
Revenue to make an order or regulations under this Part, or under any other | |
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enactments relating to stamp duty land tax (including enactments passed after | |
this Act), is exercisable by statutory instrument. | |
(2) Subsection (1) does not apply in relation to the power conferred by— | |
paragraph 8 of Schedule 5 to this Act (tax chargeable in respect of rent: | |
power to prescribe temporal discount rate), | 5 |
section 178(5) of the Finance Act 1989 (c. 26) (power to prescribe rates of | |
interest). | |
(3) Except as otherwise provided, a statutory instrument containing any order or | |
regulations made by the Treasury or the Inland Revenue under this Part, or | |
under any other enactments relating to stamp duty land tax (including | 10 |
enactments passed after this Act), shall be subject to annulment in pursuance | |
of a resolution of the House of Commons. | |
(4) Subsection (3) does not apply to a statutory instrument made under the power | |
conferred by— | |
section 61(3) (compliance with planning obligations: power to add to list | 15 |
of public authorities); | |
paragraph 1(3) of Schedule 9 (right to buy transactions: power to add to | |
list of relevant public sector bodies); | |
paragraph 2(2) of Schedule 19 (commencement and transitional | |
provisions: power to appoint implementation date). | 20 |
115 General Commissioners and appeals and other proceedings | |
Schedule 17 makes provision about the General Commissioners and appeals | |
and other proceedings. | |
Interpretation | |
116 Meaning of “residential property” | 25 |
(1) In this Part “residential property” means— | |
(a) a building that is used or suitable for use as a dwelling, or is in the | |
process of being constructed or adapted for such use, and | |
(b) land that is or forms part of the garden or grounds of a building within | |
paragraph (a) (including any building or structure on such land), or | 30 |
(c) an interest in or right over land that subsists for the benefit of a building | |
within paragraph (a) or of land within paragraph (b); | |
and “non-residential property” means any property that is not residential | |
property. | |
This is subject to the rule in subsection (7) in the case of a transaction involving | 35 |
six or more dwellings. | |
(2) For the purposes of subsection (1) a building used for any of the following | |
purposes is used as a dwelling— | |
(a) residential accommodation for school pupils; | |
(b) residential accommodation for students, other than accommodation | 40 |
falling with subsection (3)(b); | |
(c) residential accommodation for members of the armed forces; | |
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