The Unauthorised Unit Trusts (Tax) Regulations 2013

CHAPTER 1 U.K. Transitional provisions for exempt unauthorised unit trusts

Transitional year for exempt unauthorised unit trusts U.K.

30.—(1) This regulation applies in the case of a trust—

(a) which was an unauthorised unit trust immediately before 6 April 2014, and

(b) which is approved as an exempt unauthorised unit trust for a period including 6 April 2014.

(2) For the purposes of this regulation a trust's “transitional year” is—

(a) the tax year 2013-14, where the trust has an accounting date in the tax year 2013-14 on or after the day after these Regulations are made, or

(b) the tax year 2014-15, where the trust either has an accounting date in the tax year 2013-14 before the day after these Regulations are made or has no accounting date in the tax year 2013-14.

(3) In a tax year which is a trust's transitional year, the income of the trust for that tax year is taken to be the income arising in the period beginning with 6 April and ending with the accounting date in that year.

(4) If a trust's transitional year is the tax year 2014-15, regulation 7(4), Chapters 3 to 7 of Part 2 and Parts 3 and 5 do not apply in relation to the trust for that year.

(5) A transitional year does not count for the purposes of determining the first or second tax year that a trust is an exempt unauthorised unit trust under regulation 11(4) or (5).

(6) Any deemed payment or deemed deduction which would (but for this regulation) have been treated as made by the trustees under section 941 of ITA 2007 after the accounting date of the transitional year of the trust is treated as made on that accounting date.

(7) Any income of the trust which—

(a) is shown in the trust's accounts for its transitional year as available for payment to unit holders or for investment, and

(b) would (but for this regulation) arise to the trustees in a tax year later than the transitional year,

is treated as arising to the trustees in the trust's transitional year.

(8) For the purposes of this regulation, the accounting date, in relation to a tax year, means—

(a) the date in the tax year to which accounts are drawn up, or

(b) if there are two or more such dates, the latest of them.