(1) Where there are two or more classes of shares in an open-ended investment company and the company's instrument of incorporation—
- (a) provides that shares of one or more of those classes ("the IPA classes") may only be held within an individual pension account, and
- (b) does not make such provision in relation to shares of at least one other class,
there is no charge to stamp duty reserve tax under Part II of Schedule 19 to the Finance Act 1999 on the surrender of a share of any of the IPA classes.
(2) References in this Resolution to provisions of Schedule 19 to the Finance Act 1999 are references to those provisions as they have effect in relation to open-ended investment companies by virtue of regulations from time to time in force under section 152 of the Finance Act 1995.
(3) In this Resolution—
individual pension account" has the same meaning as it has in regulations from time to time in force under section 638A of the Income and Corporation Taxes Act 1988;
open-ended investment company" has the meaning given by paragraph 14(2) of Schedule 19 to the Finance Act 1999;
surrender", in relation to a share in an open-ended investment company, has the same meaning as it has in Part II of Schedule 19 to the Finance Act 1999.
(4) This Resolution shall have effect in relation to surrenders made or effected on or after 6th April 2001.
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.