Income and Corporation Taxes Act 1988 (c. 1)

PART XII U.K. SPECIAL CLASSES OF COMPANIES AND BUSINESSES

CHAPTER III U.K. UNIT TRUST SCHEMES, DEALERS IN SECURITIES ETC.

[F1 Distributions to corporate unit holder U.K.

Textual Amendments

F1 Ss. 468H-468R and cross-headings inserted (with effect in accordance with Sch. 14 para. 7 of the amending Act) by Finance Act 1994 (c. 9), Sch. 14 para. 2

468Q Dividend distribution to corporate unit holder. U.K.

F2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2 Ss. 468H-468Q repealed (in force in accordance with S.I. 2006/982, art. 2) by Finance (No. 2) Act 2005 (c. 22), ss. 17(1)(a), 19(1), Sch. 11 Pt. 2(3), Note 2

468R Foreign income distribution to corporate unit holder. U.K.

F3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F3 S. 468R repealed (with effect in accordance with s. 36, Sch. 6 para. 8(9) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 8(7), Sch. 8 Pt. 2(11), Note

469 Other unit trusts. U.K.

(1) This section applies to—

(a) M1 any unit trust scheme [F4 that is [F5 an unauthorised unit trust within the meaning of section 989 of ITA 2007]]; F6 . . .

(b) F6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

except where the trustees of the scheme are not resident in the United Kingdom.

(2) Income arising to the trustees of the scheme shall be regarded for the purposes of the [F7 Corporation Tax Acts] as income of the trustees (and not as income of the unit holders) [F8 ; and the trustees (and not the unit holders) shall be regarded as the persons to or on whom allowances or charges are to be made under the provisions of those Acts relating to relief for capital expenditure]F9 . . . .

[F10 (2A) F11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F12 (2B) F11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]

(3) F11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) F11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F13 (4A) F14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4B) F14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4C) F14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4D) F14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(5) F14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F15 (5A) F16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5B) F16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5C) F16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5D) F16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(6) F14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F17 (6A) F18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(7) F16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8) F16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(9) F16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(10) F16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(11) This section shall have effect in relation to distribution periods beginning on or after 6th April 1987.

Textual Amendments

F4 Words in s. 469(1)(a) substituted (with effect in accordance with s. 113(4)-(11) of the amending Act) by Finance Act 1994 (c. 9), s. 113(3)(a)

F5 Words in s. 469(1) substituted (3.2.2009 with effect in accordance with art. 1(2) of the amending S.I.) by The Income Tax Act 2007 (Amendment) Order 2009 (S.I. 2009/23), arts. 1(1), 2(2)

F6 S. 469(1)(b) and preceding word repealed (with effect in accordance with Sch. 41 Pt. 5(1) Note 2 of the repealing Act) by Finance Act 1996 (c. 8), Sch. 41 Pt. 5(1)

F7 Words in s. 469(2) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 87(2)(a) (with Sch. 2)

F8 Words in s. 469(2) inserted (3.2.2009 with effect in accordance with art. 1(2) of the amending S.I.) by The Income Tax Act 2007 (Amendment) Order 2009 (S.I. 2009/23), arts. 1(1), 2(3)

F9 Words in s. 469(2) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 87(2)(b), Sch. 3 Pt. 1 (with Sch. 2)

F10 S. 469(2A)(2B) inserted (with effect in accordance with Sch. 4 para. 12(5) of the amending Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 4 para. 12(3)

F11 S. 469(2A)-(4) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 87(3), Sch. 3 Pt. 1 (with Sch. 2)

F12 S. 469(2B) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 181(3) (with Sch. 2)

F13 S. 469(4A)-(4D) inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 87(4) (with Sch. 2)

F14 S. 469(4A)-(5)(6) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 157, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F15 S. 469(5A)-(5D) inserted by Finance Act 1988 (c. 39), s. 71

F16 S. 469(5A)-(5D)(7)-(10) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 87(6), Sch. 3 Pt. 1 (with Sch. 2)

F17 S. 469(6A) inserted (with effect in accordance with s. s. 113(4)-(11) of the amending Act) by Finance Act 1994 (c. 9), s. 113(3)(b)

F18 S. 469(6A) omitted (3.2.2009 with effect in accordance with art. 1(2) of the repealing S.I.) by virtue of The Income Tax Act 2007 (Amendment) Order 2009 (S.I. 2009/23), arts. 1(1), 2(4)

Modifications etc. (not altering text)

C1 S. 469 extended (27.7.1993) by 1993 c. 37, s. 12, Sch. 2 Pt. I para. 22(1)(2)

Marginal Citations

M1 Source—1970 s.354A; 1987 s.39; 1987 (No.2) s.40(1)

[F19 469A Court common investment funds. U.K.

(1) The Tax Acts shall have effect in relation to any common investment fund established under section 42 of the M2 Administration of Justice Act 1982 (common investment funds for money paid into court) as if—

(a) the fund were an authorised unit trust;

(b) the person who is for the time being the investment manager of the fund were the trustee of that authorised unit trust; and

(c) [F20 the persons with qualifying interests] were the unit holders in that authorised unit trust.

[F21 (1A) For the purposes of subsection (1)(c) above, the persons with qualifying interests are—

(a) in relation to shares in the fund held by the Accountant General, the persons whose interests entitle them, as against him, to share in the fund’s investments;

(b) in relation to shares in the fund held by any other person authorised by the Lord Chancellor to hold such shares on behalf of others (an “authorised person”)—

(i) if there are persons whose interests entitle them, as against the authorised person, to share in the fund’s investments, those persons;

(ii) if not, the authorised person;

(c) in relation to shares in the fund held by persons authorised by the Lord Chancellor to hold such shares on their own behalf, those persons.]

(2) In this section “the Accountant General” means F22 . . . the Accountant General of the [F23 Senior Courts of] England and Wales or the Accountant General of the [F24 Court of Judicature of] Northern Ireland.

(3) F25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F19 S. 469A inserted (with effect in accordance with s. 68(3)-(5) of the amending Act) by Finance Act 1999 (c. 16), s. 68(1)

F20 Words in s. 469A(1)(c) substituted (with effect in accordance with s. 183(4) of the amending Act) by Finance Act 2003 (c. 14), s. 183(2)

F21 S. 469A(1A) inserted (with effect in accordance with s. 183(4) of the amending Act) by Finance Act 2003 (c. 14), s. 183(3)

F22 Words in s. 469A(2) repealed (with effect in accordance with Sch. 43 Pt. 3(17) Note of the repealing Act) by Finance Act 2003 (c. 14), Sch. 43 Pt. 3(17)

F23 Words in s. 469A(2) substituted (1.10.2009) by Constitutional Reform Act 2005 (c. 4), s. 148(1), Sch. 11 para. 29(a); S.I. 2009/1604, art. 2(d)

F24 Words in s. 469A(2) substituted (1.10.2009) by Constitutional Reform Act 2005 (c. 4), s. 148(1), Sch. 11 para. 29(b); S.I. 2009/1604, art. 2(d)

F25 S. 469A(3) repealed (with effect in accordance with Sch. 43 Pt. 3(17) Note of the repealing Act) by Finance Act 2003 (c. 14), Sch. 43 Pt. 3(17)

Marginal Citations

M2 1982 c.53.

470 Transitional provisions relating to unit trusts. U.K.

(1) F26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F27 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) F26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F26 S. 470(1)(3) repealed (31.7.1998) by Finance Act 1998 (c. 36), Sch. 27 Pt. 3(23)

F27 S. 470(2) ceased to have effect (29.4.1988) by virtue of s. 470(3) below and S.I. 1988/745, art. 2