Part 16

Income Tax Acts definitions etc
Chapter 1

Definitions

Meaning of “unit trust scheme”
1007
1
In the Income Tax Acts “unit trust scheme” has the meaning given by section 237 of FISMA 2000.
This is subject to subsection (2).
2
The Treasury may, in relation to a unit trust scheme within the meaning given by section 237 of
FISMA
2000 whose trustees are
UK
resident, by regulations provide that the scheme is not to be a unit trust scheme for the purposes of the definition in section 989 of “unauthorised unit trust” if it is within a specified description.
3
The regulations may contain incidental, supplemental, consequential and transitional provision and savings.
4
This section does not apply for the purposes of section 558 (approved charitable investments).
S. 1007(2) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by The Income Tax Act 2007 (Amendment) Order 2009 (S.I. 2009/23), arts. 1(1), 5(5)