Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section 35

Open-ended investment companies

Section 35 gives the Welsh Ministers power to make regulations so that open-ended investment companies are treated for land transaction tax purposes in a similar way to unit trust schemes.

• The Welsh Ministers may make regulations applying land transaction tax rules to specified types of open-ended investment companies in a manner corresponding to how those rules apply to unit trust schemes.
• Regulations may ensure that where an open-ended investment company operates separate asset pools, these are treated in the same way as the separate sub-funds of an umbrella unit trust scheme.
• The separate pools or sub-funds of an open-ended investment company may be treated as distinct companies for land transaction tax purposes.
• An open-ended investment company is defined by reference to section 236 of the Financial Services and Markets Act 2000.