STSM041200 - Exemptions and Reliefs: Exemptions: units in a unit trust scheme or shares in an open-ended investment company
FA99/SCH19PARA1(1) provides an exemption from stamp duty on a transfer or other instrument relating to a unit under a unit trust scheme. This applies equally to shares in Open-Ended Investment Companies (OEICs). »Ê¹ÚÌåÓýapp exemption does not prevent such units or shares being treated as consideration for stamp duty purposes nor does it affect any charge relating to bearer instruments.
Units under a unit trust scheme and shares in an OEIC are, however, regarded as ‘chargeable securities� for the purposes of a charge to Stamp Duty Reserve Tax (SDRT) unless they fall within the exception FA86/S99(5A) (see STSM105010). Surrenders of units or OEIC shares to the fund manager (or equivalent) are exempt from a FA86/S87 SDRT charge by section 90(1) of that Act (see STSM103080).