Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 19 paragraph 3

Definitions used in the open-ended investment company reliefs

Schedule 19 paragraph 3 defines key terms used in the reliefs for conversions and amalgamations of authorised unit trusts involving open-ended investment companies.

• The "whole of the available property of the target trust" means all trust property except any retained to discharge the trustees' liabilities.
• The "target trust" is the authorised unit trust being converted or amalgamated, as defined earlier in Schedule 19.
• Where an umbrella scheme exists, each separate sub-fund is treated as a distinct authorised unit trust, not the umbrella scheme as a whole.
• An "authorised unit trust" is a unit trust scheme that has been authorised by an order under the Financial Services and Markets Act 2000.