Introduction Background Note
6.The Government has announced its intention to legislate to enable the UK regulator to authorise, under the UCITS IV directive (Directive 2009/65/EC of the European Parliament and of The Council), tax transparent collective investment schemes to be constituted by contractual arrangements.  Transactions relating to the new schemes will need to have an appropriate stamp duty and stamp duty reserve tax treatment.  This section gives the Treasury the power to provide this.