IFM02500 | Authorised investment funds (AIFs): Stamp duty and Stamp duty reserve tax (SDRT)

Full information on the stamp duty and SDRT rules for AIFs can be found at STSM100000.

Generally, the issue of units by an authorised investment fund (AIF) to the manager or to an investor does not give rise to a liability to stamp duty or SDRT (STSM102000). An AIF will be liable to stamp duty or SDRT in the normal way on purchases of investments that are not exempt.

If an investor transfers a portfolio of investments that exactly matches or is in proportion to the scheme property of the AIF there will be no charge to stamp duty or SDRT (see STSM107030).