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.