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;
F21but paragraph (b) above is without prejudice to the making of distributions which are interest distributions (within the meaning of F33regulations made under section 17(3) of the Finance (No. 2) Act 2005 (as at 1st April 2006, see regulation 18(3) of the Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964))) to unit holders
F271A
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 F28and sections 13 F30, 13AA and 13AB shall not apply.
2
F22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
4
F32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
F31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C16
F24 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 F29 243 of the Financial Services and Markets Act 2000 is in force during the whole or part of that accounting period;
F25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
“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.
F267
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 F29243 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F18468AOpen-ended investment companies
1
In relation to an open-ended investment company the rate of corporation tax for the financial year 2005 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 (and sections 13, 13AA and 13AB shall not apply).
2
In this section “open-ended investment company” means a company incorporated in the United Kingdom to which section 236 of the Financial Services and Markets Act 2000 applies.
3
Each of the parts of an umbrella company shall be regarded for the purposes of this section as an open-ended investment company and the umbrella company as a whole shall not be so regarded (and shall not, unless an enactment expressly provides otherwise, be regarded as a company for any other purpose of the Tax Acts).
4
In subsection (3) “umbrella company” means an open-ended investment company—
a
in respect of which the instrument of incorporation provides arrangements for separate pooling of the contributions of the shareholders and the profits or income out of which payments are to be made to them, and
b
the shareholders of which are entitled to exchange rights in one pool for rights in another,
and a reference to part of an umbrella company is a reference to a separate pool.
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
468EEF19 Corporation tax: cases where lower rate applies.
F13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F14468F Authorised unit trusts: distributions.
F15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F16468G Dividends paid to investment trusts.
F17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .