PART 3Non-exempt unauthorised unit trusts
CHAPTER 1Definition of non-exempt unauthorised unit trust
Definition of non-exempt unauthorised unit trust27.
An unauthorised unit trust is a “non-exempt unauthorised unit trust” if it is F1not—
(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.