(1)This section applies if the distribution accounts of an authorised unit trust show the total amount available for distribution to unit holders as available for distribution as yearly interest.
(2)Subsection (1) is subject to [F1subsection (7)] .
(3)For income tax purposes payments of yearly interest are treated as made to the unit holders.
(4)F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)The amount of the payment treated as made to each unit holder is so much of the total amount mentioned in subsection (1) as is proportionate to the unit holder's rights.
(6)F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7)This section does not apply if the authorised unit trust is an approved personal pension scheme.
(8)See section 378 for the interpretation of this section and section 377.
Textual Amendments
F1Words in s. 376(2) substituted (1.4.2006 with effect as mentioned in reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), reg. 91(3)
F2S. 376(4)(6) repealed (with effect as mentioned in the commencing S.I.) by Finance (No. 2) Act 2005 (c. 22), ss. 17(1)(e), 19(1), 70, Sch. 11 Pt. 2(3); S.I. 2006/982, art. 2