1992 No.3133
INCOME TAX

The Income Tax (Definition of Unit Trust Scheme) (Amendment No. 2) Regulations 1992

Made
Laid before The House of Commons
Coming into force
The Treasury, in exercise of the powers conferred on them by section 469(7) of the Income and Corporation Taxes Act 19881, hereby make the following Regulations:

Citation and commencement1.

These Regulations may be cited as the Income Tax (Definition of Unit Trust Scheme) (Amendment No. 2) Regulations 1992 and shall come into force on 1st January 1993.

Amendment to the Income Tax (Definition of Unit Trust Scheme) Regulations 19882.

In regulation 7(2) of the Income Tax (Definition of Unit Trust Scheme) Regulations 19882 after sub-paragraph (a) there shall be inserted—

“(aa)

a common deposit fund established under section 22A of the Charities Act 19603;”.
Irvine Patnick
Tim Boswell
Two of the Lords Commissioners of Her Majesty’s Treasury
(This note is not part of the Regulations)

These Regulations, which are made under section 469(7) of the Income and Corporation Taxes Act 1988 and come into force on 1st January 1993, amend the Income Tax (Definition of Unit Trust Scheme) Regulations 1988 (S.I. 1988/267) (“the principal Regulations”).

The Regulations amend regulation 7 of the principal Regulations so as to extend the descriptions of a charitable unit trust scheme to schemes for the establishment of common deposit funds made pursuant to section 22A of the Charities Act 1960 (inserted bysection 16 of the Charities Act 1992). The effect is that such schemes are excepted from the tax treatment of unauthorised unit trust schemes imposed by section 469 of the 1988 Act and are thus able to pass on their income to charities participating in the schemes without deduction of tax.