Stamp Duty : Unit Trusts and OEICS
Unit Trusts and Open Ended Investment Companies (OEICS) fall within the provisions of Schedule 19 FA 1999 (Stamp Taxes Manual, Chapter 15). This legislation brought the taxation of Unit Trusts under the umbrella of SDRT, as opposed to Stamp Duty, as it had been prior to 6th February 2000). The Stamp Taxes Manual, Chapter 15, also shows the formulas for calculating the SDRT due on a Unit Trust notice. Once calculated correctly, the notice needs to be presented to SDRT Operations Office in Birmingham Stamp Office by the 14th of each month (being the accountable date for Unit Trust/OEIC SDRT purposes), together with the correct payment of tax (See-: Current Rates).
The Unit Trust team at SDRT Operations in Birmingham Stamp Office are responsible for the processing of the monthly notices from Financial Institutions dealing in Units in Unit Trusts and/or Shares in an OEIC. This involves the checking of the relevant calculation formulas and the technical details of the trades to which the notices relate.
