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HMRC internal manual

Stamp Taxes on Shares Manual

HM Revenue & Customs
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Scope of Stamp Duty Reserve Tax (SDRT): chargeable securities - units under a unit trust scheme

Units under a unit trust scheme are ‘chargeable securities’, except where:

  • all trustees are resident outside the UK and the unit is not UK registered, or
  • the trust property can only be invested in exempt investments as defined at FA86/S99 (5B) - see STSM105020.

Unit holders may sell their rights and interests in the trust . When transferred for consideration or surrendered to the fund manager, a charge to SDRT can arise.

Unit Trusts are considered in greater detail at STSM100000.