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Version Superseded: 01/04/2010
Point in time view as at 21/07/2009.
There are currently no known outstanding effects for the Income Tax Act 2007, Chapter 9.
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(1)This section applies for income tax purposes in relation to an unauthorised unit trust if the trustees are UK resident.
(2)If income arises to the trustees, the income is treated as the income of the trustees and not of the unit holders.
(3)If income tax on any part of the income would apart from this subsection be charged at the dividend ordinary rate F1..., income tax on that part of the income is charged at the basic rate instead.
(4)None of the following applies in relation to the income—
(a)section 479,
(b)[F2sections 397(1) and [F3397A(1)]] of ITTOIA 2005 (tax credits for qualifying distributions),
(c)section 399(2) and (6) of ITTOIA 2005 (person not entitled to tax credit treated as having paid income tax), and
(d)section 400(2) and (3) of ITTOIA 2005 (person whose income includes non-qualifying distribution treated as having paid income tax).
(5)Sections 494 and 495 do not apply in relation to payments made by the trustees.
Textual Amendments
F1Words in s. 504(3) omitted (21.7.2008 with effect in accordance with Sch. 1 para. 65 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 1 para. 23
F2Words in s. 504(4)(b) substituted (21.7.2008 with effect in accordance with s. 34(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 12 para. 25
F3Word in s. 504(4)(b) substituted (with effect in accordance with Sch. 19 para. 14 of the amending Act) by Finance Act 2009 (c. 10), Sch. 19 para. 13(a)
(1)This section applies for income tax purposes in relation to an unauthorised unit trust if the trustees are UK resident.
(2)The trustees (and not the unit holders) are treated as the persons to or on whom an allowance or charge is to be made under any provision relating to relief for capital expenditure.]
Textual Amendments
F4S. 504A inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Income Tax Act 2007 (Amendment) Order 2009 (S.I. 2009/23), arts. 1(1), 5(2)
(1)This section applies if in a tax year the trustees of an unauthorised unit trust are treated as making a deemed payment.
(2)The trustees are entitled to a relief for the tax year equal to the gross amount of the payment.
(3)The relief is given by deducting that gross amount in calculating the trustees' net income for the tax year (see Step 2 of the calculation in section 23).
(4)But this is subject to subsections (5) to (7) F5....
(5)Relief is not to be given for the payment so far as it is ineligible for relief.
(6)For the purpose of determining the extent to which the payment is ineligible for relief (if at all) section 450 applies in relation to the payment as that section applies in relation to a payment to which section 449 applies.
(7)The total amount of the reliefs given under this section to the trustees for the tax year cannot be greater than the amount of the trustees' modified net income for the tax year (see section 1025).
(8)In this section F6... “deemed payment” and “the gross amount” have the meanings given by section 941(6).
Textual Amendments
F5Words in s. 505(4) omitted (21.7.2008 with effect in accordance with s. 66(8) of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 66(4)(l)(vi)
F6Words in s. 505(8) omitted (21.7.2008 with effect in accordance with s. 66(8) of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 66(4)(l)(vi)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F7S. 506 omitted (21.7.2008 with effect in accordance with s. 66(8) of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 66(4)(l)(vii)
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