CHAPTER 2U.K.Tax treatment of non-exempt unauthorised unit trusts
Non-exempt unauthorised unit trust treated as UK resident companyU.K.
28.—(1) In respect of income arising and chargeable gains accruing to UK resident trustees of a non-exempt unauthorised unit trust, and for the purposes of the provisions relating to relief for capital expenditure, the Tax Acts have effect as if—
(a)the trustees were a UK resident company, and
(b)the rights of the unit holders were shares in the company.
(2) References in the Corporation Tax Acts to a body corporate are to be read in accordance with paragraph (1); and sections 1104 and 1107 of CTA 2010 (companies and nominees required to provide tax certificates) apply with any necessary modifications.
Part 3 of CTA 2010 not to apply to non-exempt unauthorised unit trustsU.K.
29. Part 3 of CTA 2010 (relief for companies with small profits) does not apply in relation to a non-exempt unauthorised unit trust.
[F1Application of section 490 of CTA 2009 to non-exempt unauthorised unit trustsU.K.
29A. Section 490 of CTA 2009 does not apply to any rights held by a company under a non-exempt unauthorised unit trust scheme.]
Textual Amendments
F1Reg. 29A inserted (6.4.2014) by The Unauthorised Unit Trusts (Tax) (Amendment) Regulations 2014 (S.I. 2014/585), regs. 1, 5