Part III Individuals, partnerships, trusts and collective investment schemes
Chapter III Collective investment schemes and investment trusts
100 Exemption for authorised unit trusts etc.
C11
Gains accruing to an authorised unit trust, an investment trust F1a venture capital trust or a court investment fund shall not be chargeable gains.
2
If throughout a year of assessment all the issued units in a unit trust scheme (other than an authorised unit trust) are assets such that any gain accruing if they were disposed of by the unit holder would be wholly exempt from capital gains tax or corporation tax (otherwise than by reason of residence) gains accruing to the unit trust scheme in that year of assessment shall not be chargeable gains.
F22A
In determining whether subsection (2) applies no account shall be taken of units in a scheme which—
a
have been disposed of by a unit holder, and
b
are held by the managers of the scheme (in that capacity) pending disposal.
2B
In determining whether subsection (2) applies no account shall be taken of the possibility of a charge to corporation tax on income in respect of a gain accruing on a disposal by—
a
an insurance company (within the meaning given by section 431 of the Taxes Act), or
b
a friendly society (being an incorporated friendly society or registered friendly society within the meaning given by section 466(2) of the Taxes Act).
3
In this Act “court investment fund” means a fund established under section 42 of the M1Administration of Justice Act 1982.