PART XII SPECIAL CLASSES OF COMPANIES AND BUSINESSES

CHAPTER III UNIT TRUST SCHEMES, DEALERS IN SECURITIES ETC.

F1Distributions to corporate unit holder

469 Other unit trusts.

(1)

This section applies to—

(a)

M1any unit trust scheme F2that is neither an authorised unit trust nor an umbrella scheme; F3. . .

(b)

F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

except where the trustees of the scheme are not resident in the United Kingdom.

(2)

Income arising to the trustees of the scheme shall be regarded for the purposes of the F4Corporation Tax Acts as income of the trustees (and not as income of the unit holders) F5. . . .

F6(2A)

F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F8(2B)

F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)

F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)

F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9(4A)

For the purposes of the Corporation Tax Acts, the trustees are treated as making an annual payment (under deduction of income tax) to each unit holder if an amount is shown in the scheme's accounts as income available for payment to unit holders or for investment.

(4B)

The amount of an annual payment to a unit holder for a distribution period before the deduction of income tax is its gross amount.

(4C)

Section 548(2) of ITTOIA 2005 applies for the purpose of calculating the gross amount of an annual payment for a distribution period as it applies for the purpose of calculating the gross amount of income treated as received for a distribution period under Chapter 10 of Part 4 of that Act.

(4D)

Section 941 of ITA 2007 deals with the deduction of income tax from the gross amount so calculated.

(5)

The date on which the annual F10payment is treated as made shall be the date or latest date provided by the terms of the scheme for any distribution in respect of the distribution period in question, except that, if—

(a)

the date so provided is more than 12 months after the end of the period; or

(b)

no date is so provided,

the date on which the F10payment is treated as made shall be the last day of the period.

F11(5A)

F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5B)

F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5C)

F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5D)

F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6)

In this section “distribution period”F13means a period beginning on or after 1st April 1987 over which income from the investments subject to the trusts is aggregated for the purposes of ascertaining the amount available for distribution to unit holders, but—

(a)

if the scheme does not make provision for distribution periods, then for the purposes of this section its distribution periods shall be taken to be successive periods of 12 months the first of which began with the day on which the scheme took effect; and

(b)

if the scheme makes provision for distribution periods of more than 12 months, then for the purposes of this section each of those periods shall be taken to be divided into two (or more) distribution periods, the second succeeding the first after 12 months (and so on for any further periods).

F14(6A)

In this section “umbrella scheme” has the same meaning as in section 468.

(7)

F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8)

F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(9)

F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(10)

F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(11)

This section shall have effect in relation to distribution periods beginning on or after 6th April 1987.