The Unauthorised Unit Trusts (Tax) Regulations 2013

ITTOIA 2005 U.K.

36.—(1) ITTOIA 2005 is amended as follows.

(2) In section 365(1) (overview of Part 4 of Act), omit paragraph (i).

(3) In section 397(6) M1 (tax credits for qualifying distributions of UK resident companies: UK residents and eligible non-UK residents), omit the entry relating to section 504(4) of ITA 2007.

(4) In section 397A(6) M2 (tax credits for qualifying distributions of non-UK resident companies: UK residents and eligible non-UK residents), omit the entry relating to section 504(4) of ITA 2007.

(5) In section 399(7) M3 (qualifying distributions received by persons not entitled to tax credits), omit the entry relating to section 504(4) of ITA 2007.

(6) In section 400 M4 (non-qualifying distributions), omit subsection (7).

(7) In section 410(3) M5 (when stock dividend income arises), for “section 504 of that Act” substitute “ regulation 12 of the Unauthorised Unit Trusts (Tax) Regulations 2013 ”.

(8) Omit Chapter 10 M6 of Part 4 (distributions from unauthorised unit trusts).

(9) In section 839 M7 (annual payments payable out of relevant foreign income)—

(a) in subsection (3) —

(i) omit the entry relating to Chapter 10 of Part 4 of ITTOIA 2005,

(ii) omit the “or” before the entry relating to Chapter 7 of Part 5 of that Act, and

(b) at the end insert—

“, or regulation 15 of the Unauthorised Unit Trusts (Tax) Regulations 2013.”, and

(c) in subsection (3A)(b), for the words from “Chapter 5” to the end substitute “ Chapter 7 of Part 10 of that Act (annual payments not otherwise charged) or regulation 15 of the Unauthorised Unit Trusts (Tax) Regulations 2013 ”.

Marginal Citations

M1 Section 397 was amended by paragraph 515 of Schedule 1 to ITA 2007.

M2 Section 397A was inserted by paragraph 4 of Schedule 12 to the FA 2008 and amended by paragraph 2 of Schedule 19 to the FA 2009 and by paragraph 66 of Schedule 8 to the Taxation (International and Other Provisions) Act 2010 (c.8) (referred to as “TIOPA 2010” in the remaining footnotes).

M3 Section 399(7) was amended by paragraph 516 of Schedule 1 to ITA 2007.

M4 Section 400 was amended by paragraph 517 of Schedule 1 to ITA 2007.

M5 Section 410 was amended by paragraph 519 of Schedule 1 of ITA 2007 and by paragraph 21 of Schedule 6 to the Finance Act 2010 (c.13) (referred to as “FA 2010” in the remaining footnotes).

M6 Chapter 10 was amended by paragraph 542 of Schedule 1 to ITA 2007.

M7 Section 839 was amended by paragraphs 587 and 637 of Schedule 1 to CTA 2009.