SCHEDULE 19 Open-Ended Investment Company Reliefs
Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (2017 anaw 1) | Legislation

SCHEDULE 19 Open-Ended Investment Company Reliefs

(as introduced by section 30(1))

Relief from land transaction tax: conversion of an authorised unit trust to an open-ended investment company

1

(1)     A land transaction transferring any property which is subject to the trusts of an authorised unit trust (“the target trust”) to an open-ended investment company (“the acquiring company”) is relieved from tax if the conditions set out in sub-paragraph (2) are met.

(2)     Those conditions are that—

(a)     the transfer forms part of an arrangement for the conversion of an authorised unit trust to an open-ended investment company, as a result of which the whole of the available property of the target trust becomes the whole of the property of the acquiring company,

(b)     under the arrangement all the units in the

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