PART 2 U.K. Exempt unauthorised unit trusts

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

Special provision for accrued income profits U.K.

14.—(1) This regulation applies to income of an exempt unauthorised unit trust which—

(a) arises from its investments in securities within the meaning of Chapter 2 of Part 12 of ITA 2007 (accrued income profits), and

(b) is shown in its accounts.

(2) The income is charged to tax under Chapter 2 of Part 12 of ITA 2007—

(a) as if it were accrued income profits, and

(b) as if those profits were treated as made in the tax year in which the last day of the period of account in which the income is accounted for falls.

(3) None of the income is charged to income tax under Chapter 2 of Part 4 of ITTOIA 2005 (interest).