Part 9 U.K. Special rules about settlements and trustees

Chapter 9 U.K. Unauthorised unit trusts

[F1 504A. Treatment of capital expenditure of unauthorised unit trust U.K.

(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

F1 S. 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)