Overview
2460.This Chapter applies the charge to corporation tax on income to payments to companies from unauthorised unit trusts. It is based on section 469 of ICTA. The corresponding income tax provisions are in Chapter 10 of Part 4 of ITTOIA.
Section 971: Overview of Chapter
2461.This section sets out how relevant amounts are calculated and charged to corporation tax. It also points to particular provisions of ITA and of ICTA which deal with the position of a unit holder. It is new.
Section 972: Charge to tax under this Chapter
2462.This section applies the charge to corporation tax on income to amounts shown in the unit trust scheme’s accounts as income available for payment to unit holders or for investment in the scheme. It is based on sections 9, 18 and 469 of ICTA. The corresponding charge for income tax is in section 547 of ITTOIA.
Section 973: Amount of income treated as received
2463.This section sets out the amount of income treated as received by a unit holder from an unauthorised unit trust scheme under section 972(2). It is based on section 469 of ICTA. The corresponding rule for income tax is in section 548 of ITTOIA.
2464.Subsection (2) contains a method statement setting out the steps to be taken to calculate the gross amount of income on which the unit holder is charged to tax.
