PART 3 U.K. Non-exempt unauthorised unit trusts

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

Definition of non-exempt unauthorised unit trust U.K.

27.  An unauthorised unit trust is a “non-exempt unauthorised unit trust” if it is [F1 not—

(a) an exempt unauthorised unit trust, or

(b) treated by regulations made in exercise of the powers conferred by section 1007(2) of ITA 2007 as not being a unit trust scheme for the purposes of the definition of “unauthorised unit trust” in section 989 of that Act.]

Textual Amendments

F1 Words in reg. 27 substituted (6.4.2014) by The Unauthorised Unit Trusts (Tax) (Amendment) Regulations 2014 (S.I. 2014/585), regs. 1, 4

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

Non-exempt unauthorised unit trust treated as UK resident company U.K.

28.—(1) In respect of income arising and chargeable gains accruing to UK resident trustees of a non-exempt unauthorised unit trust, and for the purposes of the provisions relating to relief for capital expenditure, the Tax Acts have effect as if—

(a) the trustees were a UK resident company, and

(b) the rights of the unit holders were shares in the company.

(2) References in the Corporation Tax Acts to a body corporate are to be read in accordance with paragraph (1); and sections 1104 and 1107 of CTA 2010 (companies and nominees required to provide tax certificates) apply with any necessary modifications.

Part 3 of CTA 2010 not to apply to non-exempt unauthorised unit trusts U.K.

29.  Part 3 of CTA 2010 (relief for companies with small profits) does not apply in relation to a non-exempt unauthorised unit trust.

[F2 Application of section 490 of CTA 2009 to non-exempt unauthorised unit trusts U.K.

29A.   Section 490 of CTA 2009 does not apply to any rights held by a company under a non-exempt unauthorised unit trust scheme.]

Textual Amendments

F2 Reg. 29A inserted (6.4.2014) by The Unauthorised Unit Trusts (Tax) (Amendment) Regulations 2014 (S.I. 2014/585), regs. 1, 5