- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
(1)This section applies for income tax purposes in relation to an unauthorised unit trust if the trustees are UK resident.
(2)If income arises to the trustees, the income is treated as the income of the trustees and not of the unit holders.
(3)If income tax on any part of the income would apart from this subsection be charged at the dividend ordinary rate or at the savings rate, income tax on that part of the income is charged at the basic rate instead.
(4)None of the following applies in relation to the income—
(a)section 479,
(b)section 397(1) of ITTOIA 2005 (tax credits for qualifying distributions),
(c)section 399(2) and (6) of ITTOIA 2005 (person not entitled to tax credit treated as having paid income tax), and
(d)section 400(2) and (3) of ITTOIA 2005 (person whose income includes non-qualifying distribution treated as having paid income tax).
(5)Sections 494 and 495 do not apply in relation to payments made by the trustees.
(1)This section applies if in a tax year the trustees of an unauthorised unit trust are treated as making a deemed payment.
(2)The trustees are entitled to a relief for the tax year equal to the gross amount of the payment.
(3)The relief is given by deducting that gross amount in calculating the trustees' net income for the tax year (see Step 2 of the calculation in section 23).
(4)But this is subject to subsections (5) to (7) and section 506.
(5)Relief is not to be given for the payment so far as it is ineligible for relief.
(6)For the purpose of determining the extent to which the payment is ineligible for relief (if at all) section 450 applies in relation to the payment as that section applies in relation to a payment to which section 449 applies.
(7)The total amount of the reliefs given under this section to the trustees for the tax year cannot be greater than the amount of the trustees' modified net income for the tax year (see section 1025).
(8)In this section and in section 506 “deemed payment” and “the gross amount” have the meanings given by section 941(6).
(1)This section applies if—
(a)interest payable to the trustees of an unauthorised unit trust in respect of securities (“the affected income”) is attributable to a tax year,
(b)because of section 733(1) of ICTA (dividend buying etc: persons entitled to exemptions), some part of the affected income is not exempt from income tax, and
(c)the trustees are treated as making deemed payments in the tax year.
(2)For the purposes of section 505(7) the trustees' modified net income for the tax year is reduced by the amount of the affected income.
(3)In this section “interest” and “securities” are to be read in accordance with section 731(9) of ICTA.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
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.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: