(1) This Act (with the exception of the provisions mentioned in subsection (8)), and TCMA as it applies in relation to land transaction tax, apply in relation to a unit trust scheme as if—
(a) the trustees were a company, and
(b) the rights of the unit holders were shares in the company.
(2) Each of the parts of an umbrella scheme is to be regarded as a separate unit trust scheme and the scheme
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