Income Tax (Trading and Other Income) Act 2005 (c. 5)

Part 4 U.K. Savings and investment income

Chapter 10 U.K. Distributions from unauthorised unit trusts

547 Charge to tax under Chapter 10 U.K.

(1) Income tax is charged on income treated as received by a unit holder from a [F1 unit trust scheme to which this section applies] .

(2) For the purposes of this Chapter, a unit holder is treated as receiving such income if an amount is shown in the scheme's accounts as income available for payment to unit holders or for investment.

[F2 (3) This section applies to a unit trust scheme if—

(a) the scheme is an unauthorised unit trust, and

(b) the trustees of the scheme are UK resident.]

Textual Amendments

F1 Words in s. 547(1) substituted (6.4.2007 with effect as stated in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 1027, 1034, Sch. 1 para. 541(2) (with transitional provisions and savings in Sch. 2)

F2 S. 547(3) inserted (6.4.2007 with effect as stated in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 1027, 1034, Sch. 1 para. 541(3) (with transitional provisions and savings in Sch. 2)