Disapplication of section 272A(1) to (4) of ITTOIA 2005: exempt unauthorised unit trusts
This section has no associated Explanatory Memorandum
3. In regulation 12 (treatment of income of an exempt unauthorised unit trust) after paragraph (3) insert—
“(3A) Subsections (1) to (4) of section 272A of ITTOIA 2005 (restricting deductions for finance costs related to residential property)(1) do not apply in relation to calculating the profits of a UK property business, or overseas property business, for the purposes of charging the trustees of an exempt unauthorised unit trust to income tax on those profits.”
(1)
2005 c.5; section 272A was inserted by section 24 of Finance (No. 2) Act 2015 (c.33).