2463.This section sets out the amount of income treated as received by a unit holder from an unauthorised unit trust scheme under section 972(2). It is based on section 469 of ICTA. The corresponding rule for income tax is in section 548 of ITTOIA.
2464.Subsection (2) contains a method statement setting out the steps to be taken to calculate the gross amount of income on which the unit holder is charged to tax.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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