PART XII SPECIAL CLASSES OF COMPANIES AND BUSINESSES
CHAPTER III UNIT TRUST SCHEMES, DEALERS IN SECURITIES ETC.
Unit trust schemes
C2468 Authorised unit trusts.
1
M1In respect of income arising to the trustees of an authorised unit trust, and for the purposes of the provisions relating to relief for capital expenditure, the Tax Acts shall have effect as if—
a
the trustees were a company resident in the United Kingdom; and
b
the rights of the unit holders were shares in the company;
F20but paragraph (b) above is without prejudice to the making of distributions which are interest distributions (within the meaning of section 468L) to unit holders
F261A
In relation to any authorised unit trust the rate of corporation tax for the financial year 1996 and subsequent financial years shall be deemed to be the rate at which income tax at the lower rate is charged for the year of assessment which begins on 6th April in the financial year concerned F27and sections 13 F29, 13AA and 13AB shall not apply.
2
F21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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4
F31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
F30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C16
F23 Subject to subsections (7) to (9) below in this section—
“authorised unit trust” means, as respects an accounting period, a unit trust scheme in the case of which an order under section F28 243 of the Financial Services and Markets Act 2000 is in force during the whole or part of that accounting period;
F24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
“unit holder” means a person entitled to a share of the investments subject to the trusts of a unit trust scheme; and
“unit trust scheme” has the same meaning as in section 469.
F257
Each of the parts of an umbrella scheme shall be regarded for the purposes of this Chapter as an authorised unit trust and the scheme as a whole shall not be so regarded.
8
In this section, “umbrella scheme” means a unit trust scheme—
a
which provides arrangements for separate pooling of the contributions of the participants and the profits or income out of which payments are to be made to them;
b
under which the participants are entitled to exchange rights in one pool for rights in another; and
c
in the case of which an order under section F28243 of the Financial Services and Markets Act 2000 is in force;
and any reference to a part of an umbrella scheme is a reference to such of the arrangements as relate to a separate pool.
9
In relation to a part of an umbrella scheme, any reference—
a
to investments subject to the trusts of an authorised unit trust, shall have effect as a reference to such of the investments as under the arrangements form part of the separate pool to which the part of the umbrella scheme relates; and
b
to a unit holder, shall have effect as a reference to a person for the time being having rights in that separate pool.
F1468AA Authorised unit trusts: futures and options.
F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F3468A Certified unit trusts.
F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F5468B Certified unit trusts: corporation tax.
F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F7468C Certified unit trusts: distributions.
F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F9468D Funds of funds: distributions.
F10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11468E Authorised unit trusts: corporation tax.
F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
468EEF18 Corporation tax: cases where lower rate applies.
F13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F14468F Authorised unit trusts: distributions.
F15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F16468G Dividends paid to investment trusts.
F17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .