PART XII SPECIAL CLASSES OF COMPANIES AND BUSINESSES
CHAPTER III UNIT TRUST SCHEMES, DEALERS IN SECURITIES ETC.
Unit trust schemes
468 Authorised unit trusts.
F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2468AA Authorised unit trusts: futures and options.
F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F4468A Certified unit trusts.
F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
468AF20Open-ended investment companies
F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F7468B Certified unit trusts: corporation tax.
F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F9468C Certified unit trusts: distributions.
F10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11468D Funds of funds: distributions.
F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F13468E Authorised unit trusts: corporation tax.
F14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
468EEF21 Corporation tax: cases where lower rate applies.
F15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F16468F Authorised unit trusts: distributions.
F17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F18468G Dividends paid to investment trusts.
F19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F51 Distributions of authorised unit trusts: general
468H Interpretation.
F22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
468I Distribution accounts.
F23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividend and foreign income distributions
468J Dividend distributions.
F24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
468K Foreign income distributions.
F25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest distributions
468L Interest distributions.
F26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F27468M Cases where no obligation to deduct tax
F28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
468N Deduction of tax (mixed funds).
1
Subsection (2) below applies where—
a
an interest distribution is made for a distribution period to a unit holder; and
b
the gross income entered in the distribution accounts for the purposes of computing the total amount available for distribution to unit holders does not derive from eligible income entirely.
2
Where this subsection applies, the obligation to deduct under section 349(2) shall not apply to the relevant amount of the interest distribution to the unit holder if the residence condition is on the distribution date fulfilled with respect to him.
3
Section 468O makes provision with respect to the circumstances in which the residence condition is fulfilled with respect to a unit holder.
4
This is how to calculate the relevant amount of the interest distribution—
Where—
R = the relevant amount;
A = the amount of the interest distribution before deduction of tax to the unit holder in question;
B = such amount of the gross income as derives from eligible income;
C = the amount of the gross income.
5
In subsection (4) above the references to the gross income are references to the gross income entered as mentioned in subsection (1)(b) above.
468O Residence condition F29and reputable intermediary condition.
F30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
468P Residence declarations.
F31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
468PAF34Section 468O(1A): consequences of reasonable but incorrect belief
F32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
468PBRegulations supplementing sections 468M to 468PA
F33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Distributions to corporate unit holder
468Q Dividend distribution to corporate unit holder.
F35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
468R Foreign income distribution to corporate unit holder.
F36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
469 Other unit trusts.
F37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
469AF41 Court common investment funds.
F38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
470 Transitional provisions relating to unit trusts.
1
F39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F402
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
F39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dealers in securities, banks and insurance businesses
471 Exchange of securities in connection with conversion operations, nationalisation etc.
F42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
472 Distribution of securities issued in connection with nationalisation etc.
F43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
472AF50Trading profits etc. from securities: taxation of amounts taken to reserves
F44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
473 Conversion etc. of securities held as circulating capital.
F45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
474 Treatment of tax-free income.
1
F46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
F47. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F483
F46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
475 Tax-free Treasury securities: exclusion of interest on borrowed money.
F49. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ss. 468H-468R and cross-headings inserted (with effect in accordance with Sch. 14 para. 7 of the amending Act) by Finance Act 1994 (c. 9), Sch. 14 para. 2