Income Tax Act 2007 (c. 3)

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

Modifications etc. (not altering text)

C1 Pt. 15 modified (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 551(4), 1329(1) (with Pts. 1, 2, Sch. 2 para. 78)

Chapter 13 U.K. Unauthorised unit trusts

941 Deemed payments to unit holders and deemed deductions of income tax U.K.

(1) Subsections (2) and (3) apply if a unit holder in an unauthorised unit trust is treated under Chapter 10 of Part 4 of ITTOIA 2005 [F1 or Chapter 5 of Part 10 of CTA 2009] (distributions from unauthorised unit trusts if the trustees are UK resident) as having received income on a date.

(2) The trustees are treated as making on that date a payment to the unit holder representing the gross amount of the income (see section 548(2) of ITTOIA 2005 [F2 and section 973(2) of CTA 2009]).

(3) The trustees are also treated as deducting from that payment a sum representing income tax on the gross amount of the income at the basic rate for the tax year in which the payment is made.

F3 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6) In this Chapter—

• “deemed deduction” means a deduction within subsection (3) F4 ... ,

• [F5 “deemed income” means the gross amount of income treated as received as mentioned in subsection (1),]

• “deemed payment” means a payment within subsection (2) F6 ... , and

• “the gross amount” means, in relation to a deemed payment, the amount of the payment before the deemed deduction is made from it.

Textual Amendments

F1 Words in s. 941(1) inserted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 713(2) (with Sch. 2 Pts. 1, 2)

F2 Words in s. 941(2) inserted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 713(3) (with Sch. 2 Pts. 1, 2)

F3 S. 941(4)(5) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 713(4), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F4 Words in s. 941(6) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 713(5)(a), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F5 Words in s. 941(6) inserted (8.4.2010 with effect in accordance with Sch. 13 para. 3 of the amending Act) by Finance Act 2010 (c. 13), Sch. 13 para. 1(2)

F6 Words in s. 941(6) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 713(5)(b), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)