Corporation Tax Act 2009

971 Overview of Chapter

(1) This Chapter—

(a) applies the charge to corporation tax on income to amounts which unit holders in unauthorised unit trust schemes are treated in certain circumstances as receiving from the scheme, and

(b) provides for the calculation of the amount treated as received.

(2) The following are also relevant to the tax treatment of such amounts in the hands of the unit holder—

(a) section 848 of ITA 2007 (under which a sum representing income tax treated as deducted under section 941 of that Act (deemed deduction by trustees of income tax from deemed payments to unit holders) is treated as income tax paid by the unit holder), and

(b) section 7(2) of ICTA (set off of income tax deducted at source against corporation tax).