Resolved,
That—
(1) Part 2 of Schedule 19 to the Finance Act 1999 (which provides for a charge to stamp duty reserve tax on certain dealings with units in unit trusts) is omitted.
(2) In section 90(1B) of the Finance Act 1986 (exception to charge to stamp duty reserve tax on certain agreements to transfer property from a unit trust)—
(a) after “unit trust scheme” insert “if the unit holder is to receive only such part of each description of asset in the trust property as is proportionate to, or as nearly as practicable proportionate to, the unit holder’s share.”, and
(b) for the second sentence substitute “For these purposes there is a surrender of a unit where—
(a) a person (“P”) authorises or requires the trustees or managers of a unit trust scheme to treat P as no longer interested in a unit under the scheme, or
(b) a unit under the unit trust scheme is transferred to the managers of the scheme,
and the unit is a chargeable security.”
(3) Accordingly—
(a) in the Finance Act 1999, in section 123(3), for “Parts I to III” substitute “Parts I and III”,
(b) in the Finance Act 2001, omit sections 93 and 94,
(c) in the Finance Act 2004, in Schedule 35, omit paragraph 46 and the italic heading before that paragraph,
(d) in the Finance Act 2005, omit section 97(3), (4) and (6), and
(e) in the Finance Act 2010, in Schedule 6, omit paragraph 15(2).
(4) The amendments made by this Resolution have effect in relation to surrenders made or effected on or after 30 March 2014.
(5) Provision made by regulations under section 98 of the Finance Act 1986, section 152 of the Finance Act 1995 or section 17 of the Finance (No.2) Act 2005 in connection with the coming into force of this Resolution may be made so as to have effect in relation to surrenders made or effected on or after 30 March 2014 (even if the regulations are made after that date).
(6) In paragraphs (4) and (5) a reference to surrenders is to be read in accordance with paragraph 2 of Schedule 19 to the Finance Act 1999.
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.