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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F6468AOpen-ended investment companies
F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F8468B Certified unit trusts: corporation tax.
F9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F10468C Certified unit trusts: distributions.
F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F12468D Funds of funds: distributions.
F13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F14468E Authorised unit trusts: corporation tax.
F15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F16468EE Corporation tax: cases where lower rate applies.
F17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F18468F Authorised unit trusts: distributions.
F19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F20468G Dividends paid to investment trusts.
F21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F22 Distributions of authorised unit trusts: general
468H Interpretation.
F23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
468I Distribution accounts.
F24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividend and foreign income distributions
468J Dividend distributions.
F25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
468K Foreign income distributions.
F26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest distributions
468L Interest distributions.
F27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F28468M Cases where no obligation to deduct tax
F29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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 F30and reputable intermediary condition.
F31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
468P Residence declarations.
F32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F33468PASection 468O(1A): consequences of reasonable but incorrect belief
F34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
468PBRegulations supplementing sections 468M to 468PA
F35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Distributions to corporate unit holder
468Q Dividend distribution to corporate unit holder.
F36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
468R Foreign income distribution to corporate unit holder.
F37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
469 Other unit trusts.
F38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F39469A Court common investment funds.
F40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
470 Transitional provisions relating to unit trusts.
(1)
F41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F42(2)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)
F41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dealers in securities, banks and insurance businesses
471 Exchange of securities in connection with conversion operations, nationalisation etc.
F43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
472 Distribution of securities issued in connection with nationalisation etc.
F44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F45472ATrading profits etc. from securities: taxation of amounts taken to reserves
F46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
473 Conversion etc. of securities held as circulating capital.
F47. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
474 Treatment of tax-free income.
(1)
F48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)
F49. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F50(3)
F48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
475 Tax-free Treasury securities: exclusion of interest on borrowed money.
F51. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .