Transitional provisions
Acquisitions
These apply to persons (including associated persons) who acquired an interest before 14 November 2003 and acquire a further interest on or after 14 November 2003.
There are no transitional provisions relating to companies.
Private Unit Trust Schemes
If:
a) a person who made an acquisition in a landholder before the commencement date of the amendments makes a relevant acquisition in the landholder after the commencement date, and
b) the aggregation of the relevant interests would entitle the person, in the event of the distribution of all the property of the landholder immediately after the later or latest acquisition was made, to 20% or more of the property distributed but less than 50% of that property,
duty is chargeable under section 118 only in respect of the relevant acquisition that occurred after the commencement date.
Private Unit Trust Schemes
| Interest acquired prior to commencement (< 3 years) | Interest acquired after commencement | Liability |
|---|---|---|
10% | 15% | 15% |
25% | 15% | 15% |
40% | 15% | 55% |
Private / Wholesale Unit Trust Schemes
(that were "public unit trust schemes")
An acquisition by a person before the commencement date of the amendments of an interest in:
a) a private unit trust scheme, or
b) a wholesale unit trust scheme
that was a public unit trust scheme immediately before the commencement date is an exempt acquisition.
Private unit trust scheme
| Interest acquired prior to commencement (< 3 years) | Interest acquired after commencement | Liability |
|---|---|---|
10% | 15% | 15% |
25% | 15% | 15% |
40% | 15% | 15% |
Wholesale unit trust scheme
| Interest acquired prior to commencement (< 3 years) | Interest acquired after commencement | Liability |
|---|---|---|
10% | 15% | Nil |
25% | 15% | Nil |
40% | 15% | 15% |
More information
