Valid from 06/02/2000
Exclusion of charge in certain cases of change of ownershipU.K.
6(1)This paragraph applies where in pursuance of arrangements between the person entitled to a unit and another person (“the new owner”)—U.K.
(a)the unit is surrendered to the managers, and
(b)the person surrendering the unit authorises or requires the managers or trustees to treat the new owner as entitled to it.
(2)There is no charge to tax under this Part of this Schedule if no consideration in money or money’s worth is given in connection with the surrender of the unit or the new owner’s becoming entitled to it.
(3)There is no charge to tax under this Part of this Schedule if the new owner is—
(a)a body of persons established for charitable purposes only, or
(b)the trustees of a trust established for those purposes only, or
(c)the Trustees of the National Heritage Memorial Fund, or
(d)the Historic Buildings and Monuments Commission for England.
(4)There is no charge to tax under this Part of this Schedule if an instrument executed at the time of the surrender—
(a)in pursuance of arrangements between the person entitled to the unit and the new owner, and
(b)transferring the unit from the one to the other,
would be exempt from stamp duty (if stamp duty were otherwise chargeable) by virtue of any of the provisions mentioned in sub-paragraph (5).
(5)The provisions referred to in sub-paragraph (4) are—
(a)section 42 of the M1Finance Act 1930 or section 11 of the M2Finance Act (Northern Ireland) 1954 (transfers between associated companies); and
(b)regulations under section 87(2) of the M3Finance Act 1985 (power to exempt instruments from stamp duty of fixed amount).
(6)Where by virtue of sub-paragraph (2), (3) or (4) there is no charge to tax, both the surrender and the related issue shall be left out of account for the purposes of paragraph 4.
Valid from 11/05/2001
Exclusion of charge in case of individual pension accountsU.K.
[F16A(1)There is no charge to tax under this Part of this Schedule on the surrender of the unit if—
(a)immediately before the surrender, the unit is held within an individual pension account,
(b)not all the units under the unit trust scheme are so held at that time, and
(c)a certificate pursuant to sub-paragraph (2) is contained in, or provided with, the relevant monthly tax return.
(2)The certificate must be given by the persons making the relevant monthly tax return and must state—
(a)that at all times in the period to which the return relates the trustees or managers were able to identify which of the units under the scheme were held within individual pension accounts, and
(b)that at no time in that period have the trustees or managers imposed any charge on, or recovered any amount from, an IPA unit holder which included an amount directly or indirectly attributable to tax payable by the trustees under this Part of this Schedule.
(3)In sub-paragraph (2), “IPA unit holder” means—
(a)a person acquiring, or who has acquired, a unit under the unit trust scheme, where the unit is to be held within an individual pension account,
(b)a person holding a unit under the scheme, where the unit is held within an individual pension account, or
(c)a person surrendering, or who has surrendered, a unit under the scheme, where immediately before the surrender the unit is or was held within an individual pension account.
(4)In this paragraph—
“individual pension account” has the same meaning as in regulations under section 638A of the Taxes Act 1988 (as at 6th April 2001, see regulation 4 of the Personal Pension Schemes (Restriction on Discretion to Approve) (Permitted Investments) Regulations 2001 (S.I. 2001/117)) ;
“the relevant monthly tax return”, in the case of any surrender, means the notice required by regulations under section 98 of the Finance Act 1986 (c. 41) to be given by the managers (or, failing that, the trustees) under the unit trust scheme to the Commissioners of Inland Revenue containing among other things details of all surrenders in the relevant two-week period;
“the relevant two-week period” has the meaning given by paragraph 4(2).]
Textual Amendments
F1Sch. 19 Pt. II para. 6A inserted (11.5.2001 with effect as mentioned in s. 93(6) of the amending Act) by 2001 c. 9, s. 93(4)