Finance Act 1994

Other amendments

3 (1) Section 468 (authorised unit trusts) shall be amended as follows.

(2) At the end of subsection (1) there shall be inserted “but paragraph (b) above is without prejudice to the making of distributions which are interest distributions (within the meaning of section 468L) to unit holders”.

(3) Subsection (2) (notional dividends of authorised unit trusts) shall be omitted.

(4) In subsection (3) for the words “subsections (1) and (2) above” there shall be substituted “subsection (1) above”.

(5) In subsection (6) the definition of “distribution period” shall be omitted.

4 Sections 468F and 468G shall cease to have effect.

5 In section 469 (other unit trusts), in subsection (6) (meaning of “distribution period”) for the words “has the same meaning as in section 468, but” there shall be substituted “means a period beginning on or after 1st April 1987 over which income from the investments subject to the trusts is aggregated for the purposes of ascertaining the amount available for distribution to unit holders, but”.

6 In section 834(3) of the Taxes Act 1988 (date on which dividends treated as paid) for the words from “except in so far as” to the end there shall be substituted “except in so far as Chapter III of Part XII makes other provision for dividends treated as paid by virtue of that Chapter”.