Corporation Tax Act 2010

Chapter 3 U.K. Unauthorised unit trusts

621 Treatment of income U.K.

(1) This section applies in relation to an unauthorised unit trust if the trustees are UK resident.

(2) If income arises to the trustees, the income is treated for the purposes of the Corporation Tax Acts as the income of the trustees and not of the unit holders.

622 Treatment of capital expenditure U.K.

(1) This section applies in relation to an unauthorised unit trust if the trustees are UK resident.

(2) The trustees (and not the unit holders) are treated as the persons to or on whom an allowance or charge is to be made under any provision of the Corporation Tax Acts relating to relief for capital expenditure.