Income Tax Act 2007 (c. 3)

SCHEDULES

SCHEDULE 2 U.K. Transitionals and savings

Part 15 U.K. Deduction of income tax at source

Unauthorised unit trusts: calculation of trustees' income pool U.K.

167 (1) This paragraph applies for the purposes of section 943. U.K.

(2) The amount of any trustees' income pool as at the start of the tax year 2007-08 is an amount equal to what would have been the trustees' uncredited surplus for the tax year 2007-08 apart from this Act had section 469(5A) to (5D) of ICTA applied in relation to the trustees for the tax year 2007-08.

168 (1) This paragraph applies for the purposes of section 943 in its application to any trustees if— U.K.

(a) the current tax year is a tax year subsequent to the tax year 2007-08,

(b) subsection (3) of section 943 does not apply, and

(c) the last tax year prior to the current tax year for which the trustees were UK resident is a tax year prior to the tax year 2007-08.

(2) The amount of the trustees' income pool as at the start of the current tax year is an amount equal to what would have been the trustees' uncredited surplus for the tax year 2007-08 apart from this Act had section 469(5A) to (5D) of ICTA applied in relation to the trustees for the tax year 2007-08.