Income Tax (Trading and Other Income) Act 2005 (c. 5)
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541(1)Amend section 547 (income tax chargeable on income treated as received from unauthorised unit trust) as follows.
(2)In subsection (1) for the words from “scheme” to the end substitute “unit trust scheme to which this section applies”.
(3)After subsection (2) insert—
“(3)This section applies to a unit trust scheme if—
(a)the scheme is an unauthorised unit trust, and
(b)the trustees of the scheme are UK resident.”