The Unauthorised Unit Trusts (Tax) (Amendment) Regulations 2014

• Citation: S.I. 2014/585
• Sections: 5

Section 1 Citation, commencement and effect

(1) These Regulations may be cited as the Unauthorised Unit Trusts (Tax) (Amendment) Regulations 2014 and come into force on 6th April 2014.

Section 2 Amendment of the Unauthorised Unit Trusts (Tax) Regulations 2013

The Unauthorised Unit Trusts (Tax) Regulations 2013 are amended as follows.

Section 3 Exclusion of certain unit trusts from meaning of “exempt unauthorised unit trust” and “non-exempt unauthorised unit trust”

In regulation 3(1)—

(a) at the end of paragraph (b) omit “and”, and

(b) at the end insert—

, and

(d) it is not treated by regulations made in exercise of the powers conferred by section 1007(2) of ITA 2007 as not being a unit trust scheme for the purposes of the definition of “unauthorised unit trust” in section 989 of that Act.

Section 4 Exclusion of certain unit trusts from meaning of “exempt unauthorised unit trust” and “non-exempt unauthorised unit trust”

In regulation 27, for the words from “not” to the end substitute—

not—

(a) an exempt unauthorised unit trust, or

(b) treated by regulations made in exercise of the powers conferred by section 1007(2) of ITA 2007 as not being a unit trust scheme for the purposes of the definition of “unauthorised unit trust” in section 989 of that Act.

Section 5 Application of section 490 of CTA 2009 to non-exempt unauthorised unit trusts

After regulation 29, insert—

Application of section 490 of CTA 2009 to non-exempt unauthorised unit trusts

(29A) Section 490 of CTA 2009 does not apply to any rights held by a company under a non-exempt unauthorised unit trust scheme.