Land and Buildings Transaction Tax (Scotland) Act 2013 section 45

Unit trust schemes

Section 45 explains how LBTT applies to unit trust schemes, treating them as if they were companies for most purposes.

• For LBTT purposes, the trustees of a unit trust scheme are treated as a company, and the rights of unit holders are treated as shares in that company.
• Each sub-fund within an umbrella scheme is treated as a separate unit trust scheme in its own right, rather than the umbrella scheme being treated as a single scheme.
• Despite the general treatment as a company, a unit trust scheme cannot benefit from group relief or reconstruction and acquisition relief under LBTT.
• The Scottish Ministers have the power to make regulations excluding certain types of scheme from being treated as unit trust schemes for LBTT purposes.