The general rule does not affect the issue and surrender of units in a scheme (and transfers of units remain subject to SDRT). Where there is an ‘umbrella scheme’, viz. one which provides arrangements for separate pooling of the contributions of unit holders whereunder a unit holder can exchange the rights in one pool for rights in another, each part of the umbrella scheme is treated as a separate unit trust scheme for the purposes of SDLT.

The acquisition of a chargeable interest (i.e. a freehold or leasehold property) by the trustees of a unit trust is a land transaction which is exempt provided certain conditions are satisfied.

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