The Co-ownership Contractual Schemes (Tax) Regulations 2025
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Change 1
57 Stamp duty land tax: contractual schemes
(1) FA 2003 is amended as follows. (2) In section 102A (co-ownership authorised contractual schemes)— (a) in the heading omit “authorised”; (b) in subsection (2) omit “authorised”; (c) after subsection (2) insert— (2A) In this Part, a “co-ownership contractual scheme” means— (a) a co-ownership authorised contractual scheme, or (b) a Reserved Investor Fund (Contractual Scheme). ; (d) in subsection (3)— (i) for “umbrella COACS” substitute “umbrella scheme”, and (ii) omit “authorised”; (e) in subsection (4) for “COACS” substitute “scheme”; (f) in subsection (5)— (i) for “COACS”, in both places it occurs, substitute “scheme”, and (ii) omit “authorised”; (g) in subsection (6) for “COACS” substitute “scheme”; (h) in subsection (8), after the definition of “co-ownership scheme” insert— “Reserved Investor Fund (Contractual Scheme)” has the meaning given by section 20 of the Finance (No.2) Act 2024. ; (i) in subsection (9) after “contractual scheme” insert “or a Reserved Investor Fund (Contractual Scheme)”; (j) in subsection (10) omit “authorised”; (k) in subsection (11) omit “authorised”; (l) in subsection (12), in paragraph (a) of the definition of “operator” omit “authorised”. (3) In section 118(2) (meaning of “market value”) for “COACS” substitute “co-ownership scheme”. (4) In section 122 (index of defined expressions)— (a) in the table, in the first column for “COACS seeding relief” substitute “co-ownership scheme seeding relief”, and (b) at the appropriate places insert— co-ownership contractual scheme | section 102A”; “Reserved Investor Fund (Contractual Scheme) | section 102A . (5) In paragraph 2(6)(da) of Schedule 4A (stamp duty land tax: higher rate for certain transactions) for “COACS” substitute “co-ownership scheme”. (6) Schedule 9A (increased rates for non-resident transactions) is amended as follows. (7) In paragraph 7(4)(a) omit “authorised”. (8) In the italic heading before paragraph 15 omit “authorised”. (9) In paragraph 15, after sub-paragraph (2) insert— (3) A Reserved Investor Fund (Contractual Scheme) is not “non-resident” in relation to any chargeable transaction. . (10) In paragraph 11 of Schedule 17A (further provisions relating to leases)— (a) in sub-paragraph (3)(ba) for “COACS” substitute “co-ownership scheme”; (b) in sub-paragraph (4) for “COACS” substitute “co-ownership scheme”; (c) in sub-paragraph (5)(bb)— (i) for “COACS” substitute “co-ownership scheme”, and (ii) omit “authorised”; (d) in sub-paragraph (6) for “COACS” substitute “co-ownership scheme”; (e) in sub-paragraph (7) for “COACS”, in both places it occurs, substitute “co-ownership scheme”.
57 Stamp duty land tax: contractual schemes
(1) FA 2003 is amended as follows. (2) In section 102A (co-ownership authorised contractual schemes)— (a) in the heading omit “authorised”; (b) in subsection (2) omit “authorised”; (c) after subsection (2) insert— (2A) In this Part, a “co-ownership contractual scheme” means— (a) a co-ownership authorised contractual scheme, or (b) a Reserved Investor Fund (Contractual Scheme). ; (d) in subsection (3)— (i) for “umbrella COACS” substitute “umbrella scheme”, and (ii) omit “authorised”; (e) in subsection (4) for “COACS” substitute “scheme”; (f) in subsection (5)— (i) for “COACS”, in both places it occurs, substitute “scheme”, and (ii) omit “authorised”; (g) in subsection (6) for “COACS” substitute “scheme”; (h) in subsection (8), after the definition of “co-ownership scheme” insert— “Reserved Investor Fund (Contractual Scheme)” has the meaning given by section 20 of the Finance (No.2) Act 2024. ; (i) in subsection (9) after “contractual scheme” insert “or a Reserved Investor Fund (Contractual Scheme)”; (j) in subsection (10) omit “authorised”; (k) in subsection (11) omit “authorised”; (l) in subsection (12), in paragraph (a) of the definition of “operator” omit “authorised”. (3) In section 118(2) (meaning of “market value”) for “COACS” substitute “co-ownership scheme”. (4) In section 122 (index of defined expressions)— (a) in the table, in the first column for “COACS seeding relief” substitute “co-ownership scheme seeding relief”, and (b) at the appropriate places insert— co-ownership contractual scheme | section 102A”; “Reserved Investor Fund (Contractual Scheme) | section 102A . (5) In paragraph 2(6)(da) of Schedule 4A (stamp duty land tax: higher rate for certain transactions) for “COACS” substitute “co-ownership scheme”. (6) Schedule 9A (increased rates for non-resident transactions) is amended as follows. (7) In paragraph 7(4)(a) omit “authorised”. (8) In the italic heading before paragraph 15 omit “authorised”. (9) In paragraph 15, after sub-paragraph (2) insert— (3) A Reserved Investor Fund (Contractual Scheme) is not “non-resident” in relation to any chargeable transaction. . (10) In paragraph 11 of Schedule 17A (further provisions relating to leases)— (a) in sub-paragraph (3)(ba) for “COACS” substitute “co-ownership scheme”; (b) in sub-paragraph (4) for “COACS” substitute “co-ownership scheme”; (c) in sub-paragraph (5)(bb)— (i) for “COACS” substitute “co-ownership scheme”, and (ii) omit “authorised”; (d) in sub-paragraph (6) for “COACS” substitute “co-ownership scheme”; (e) in sub-paragraph (7) for “COACS”, in both places it occurs, substitute “co-ownership scheme”.
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