Land and Buildings Transaction Tax (Scotland) Act 2013 section 46

Open-ended investment companies

Section 46 gives the Scottish Ministers power to make regulations so that open-ended investment companies are treated for LBTT purposes in a similar way to unit trust schemes.

• The Scottish Ministers may make regulations to ensure LBTT applies to prescribed types of open-ended investment companies in a manner corresponding to the way it applies to unit trust schemes and their transactions.
• Regulations may modify how LBTT provisions operate so that arrangements treating an open-ended investment company's assets as separate pools have the same effect as the separate parts of an umbrella scheme under a unit trust structure.
• The separate parts of an open-ended investment company's undertaking can be treated as distinct companies for LBTT purposes, mirroring the treatment of sub-funds in umbrella unit trust schemes.
• An open-ended investment company is defined by reference to section 236 of the Financial Services and Markets Act 2000, and an umbrella scheme has the same meaning as in section 45 of the LBTT Act (which deals with unit trust schemes).