PART XII SPECIAL CLASSES OF COMPANIES AND BUSINESSES
CHAPTER III UNIT TRUST SCHEMES, DEALERS IN SECURITIES ETC.
F1 Distributions of authorised unit trusts: general
468H Interpretation.
1
This section has effect for the interpretation of sections 468I to 468R.
2
The making of a distribution by an authorised unit trust to a unit holder includes investing an amount on behalf of the unit holder in respect of his accumulation units.
3
In relation to an authorised unit trust—
a
“distribution period” means a period by reference to which the total amount available for distribution to unit holders is ascertained; and
b
“distribution accounts” means accounts showing how that total amount is computed.
4
The distribution date for a distribution period of an authorised unit trust is—
a
the date specified by or in accordance with the terms of the trust for any distribution for that distribution period; or
b
if no date is so specified, the last day of that distribution period.
5
In this Chapter references to foreign income dividends shall be construed in accordance with Chapter VA of Part VI.
6
Sections 468I to 468R do not apply to an authorised unit trust which is also an approved personal pension scheme (within the meaning of Chapter IV of Part XIV).
C1468I Distribution accounts.
1
The total amount shown in the distribution accounts as available for distribution to unit holders shall be shown as available for distribution in one of the ways set out below.
2
It may be shown as available for distribution as dividends which are not foreign income dividends.
3
It may be shown as available for distribution as foreign income dividends.
4
It may be shown as available for distribution as yearly interest.
5
It may be divided into—
a
a part shown as available for distribution as dividends which are not foreign income dividends; and
b
a part shown as available for distribution as foreign income dividends.
F25A
The following amounts shown as available for distribution in the distribution accounts must be shown in those accounts as available for distribution as foreign income dividends—
a
amounts deriving from qualifying distributions to which Schedule 7 to the Finance Act 1997 (special treatment for certain distributions) applies; and
b
so much of any amounts not falling within paragraph (a) above as, if shown as available for distribution as dividends, would fall to be treated as distributions to which that Schedule applies.
6
Amounts deriving from income under Schedule A may not be included in any amount shown in the distribution accounts as available for distribution as yearly interest.
7
Where distribution accounts show an amount as available for distribution to unit holders in the way set out in subsection (5) above there shall not be any discrimination between unit holders having accumulation units and other unit holders (or between unit holders on other grounds).
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