S.L. 370.32 Art. 14Applicabilityofthe Duty on Documents and Transfers Act. Cap. 364. Cap. 123.

(1) The delivery of the assets of a scheme to a depositary and from a depositary to a scheme or another depositary for the purpose of these regulations shall not be deemed to constitute a chargeable transfer for the purposes of the Duty on Documents and Transfers Act and for the purposes of article 5(1) of the Income Tax Act, where the delivery of such assets does not constitute a change in the beneficial owner of the assets.

(2) For the purposes of this regulation, beneficial owner means a person who is the real owner of, or who is otherwise beneficially entitled to, the assets held by the depositary, as is provided in regulation 12.

Part 3 Requirements applicable to depositaries of UCITS