The Unauthorised Unit Trusts (Tax) Regulations 2013

1. Introductory Text

2. PART 1 Introductory and general provisions

   1. 1. Citation, commencement and effect

   2. 2. Interpretation

3. PART 2 Exempt unauthorised unit trusts

   1. CHAPTER 1 Meaning of “exempt unauthorised unit trust”

      1. 3. Meaning of “exempt unauthorised unit trust”

   2. CHAPTER 2 Approval as an exempt unauthorised unit trust

      1. 4. Application for approval as an exempt unauthorised unit trust

      2. 5. Contents of application

      3. 6. Response by the Commissioners to application

      4. 7. Continuing requirements for approval

      5. 8. Withdrawal of approval

      6. 9. Appeal against rejection of application or withdrawal of approval

   3. CHAPTER 3 Gains accruing to an exempt unauthorised unit trust

      1. 10. Exemption for gains accruing to an exempt unauthorised unit trust

   4. CHAPTER 4 Taxation of income of exempt unauthorised unit trusts

      1. 11. Basis periods

      2. 12. Treatment of income of an exempt unauthorised unit trust

      3. 13. Treatment of capital expenditure of an exempt unauthorised unit trust

      4. 14. Special provision for accrued income profits

   5. CHAPTER 5 Charge to tax on unit holders of exempt unauthorised unit trusts

      1. 15. Charge to tax on unit holders

      2. 16. Person liable

      3. 17. Priority rules

   6. CHAPTER 6 Relief for trustees of an exempt unauthorised unit trust

      1. 18. Relief for deemed payments by trustees of an exempt unauthorised unit trust

      2. 19. Amounts ineligible for relief under regulation 18

      3. 20. Amounts ineligible for relief under regulation 18: payments to certain unit holders where regulation 3(4) applies

      4. 21. Effect of equalisation arrangements on relief for trustees

   7. CHAPTER 7 Miscellaneous provisions

      1. 22. No tax charge for disposal of interests in offshore non-reporting funds: reporting condition

      2. 23. No tax charge for disposal of interests in offshore non-reporting funds: qualifying index

      3. 24. Treatment of investment transactions carried out by exempt unauthorised unit trusts

      4. 25. Authorised investment funds investing in exempt unauthorised unit trusts

      5. 26. Statements about income treated as received by unit holders

4. PART 3 Non-exempt unauthorised unit trusts

   1. CHAPTER 1 Definition of non-exempt unauthorised unit trust

      1. 27. Definition of non-exempt unauthorised unit trust

   2. CHAPTER 2 Tax treatment of non-exempt unauthorised unit trusts

      1. 28. Non-exempt unauthorised unit trust treated as UK resident company

      2. 29. Part 3 of CTA 2010 not to apply to non-exempt unauthorised unit trusts

5. PART 4 Transitional provisions

   1. CHAPTER 1 Transitional provisions for exempt unauthorised unit trusts

      1. 30. Transitional year for exempt unauthorised unit trusts

   2. CHAPTER 2 Transitional provisions for non-exempt unauthorised unit trusts

      1. 31. Unauthorised unit trusts coming within charge to corporation tax: final deemed payments and accrued income profits

      2. 32. Part 5 not to apply to mixed unauthorised unit trusts

6. PART 5 Repeals and consequential amendments

   1. 33. Chevening Estate Act 1959

   2. 34. TCGA 1992

   3. 35. Finance Act 2000

   4. 36. ITTOIA 2005

   5. 37. ITA 2007

   6. 38. CTA 2009

   7. 39. CTA 2010

   8. 40. FA 2012

   9. 41. Consequential repeals of other enactments

   10. 42. AIF Regulations

   11. 43. Offshore Funds Regulations

7. Signature

8. Explanatory Note