96 Unit trusts for exempt unit holders. U.K.
If throughout a year of assessment all the issued units in a unit trust scheme are assets such that any gain accruing if they were disposed of by the unit holder would be wholly exempt from capital gains tax or corporation tax (otherwise than by reason of residence) gains accruing to the unit trust scheme in that year of assessment shall not be chargeable gains.
Modifications etc. (not altering text)
C1See— Finance Act 1970 (c. 24, SIF 63:1, 2), s. 267(3); Finance Act 1974 (c. 30), s. 43(2); Development Land Tax Act 1976 (c. 24), Sch. 6 para. 1 (which Act was repealed by Finance Act 1985 (c. 54, SIF 63:2), ss. 93, 98(6) and Sch. 27 Pt. X)