Relief from tax is given to land transactions in connection with the conversion of an authorised unit trust to an open-ended investment company or the amalgamation of an authorised unit trust with an open-ended investment company. In the first instance, there is a one-to-one transfer from the trust to a new OEIC; in the second, the trust property is merged into an existing OEIC with its own property.

Conversion

Where a land transaction transfers any property of an authorised unit trust (‘the target trust’) to an open-ended investment company (OEIC) (‘the acquiring company’), the transaction is relieved from tax if all of five conditions are met.

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