Non-exempt unauthorised unit trust treated as UK resident companyU.K.
This section has no associated Explanatory Memorandum
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.