PART XIIU.K. SPECIAL CLASSES OF COMPANIES AND BUSINESSES

CHAPTER IIIU.K. UNIT TRUST SCHEMES, DEALERS IN SECURITIES ETC.

[F1 Distributions of authorised unit trusts: generalU.K.

Textual Amendments

F1Ss. 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

468I Distribution accounts.U.K.

(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.]

[F2(5A)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).

Textual Amendments

F2S. 468I(5A) inserted (with effect in accordance with Sch. 7 para. 11(2) of the amending Act) by Finance Act 1997 (c. 16), Sch. 7 para. 11(1)

Modifications etc. (not altering text)