Statutory Instruments
2014 No. 585
Capital Gains Tax
Corporation Tax
Income Tax
The Unauthorised Unit Trusts (Tax) (Amendment) Regulations 2014
Made
12th March 2014
Laid before the House of Commons
13th March 2014
Coming into force
6th April 2014
The Treasury make the following Regulations in exercise of the powers conferred by section 217 of the Finance Act 2013( 1 ).
Citation, commencement and effect
1. —(1) These Regulations may be cited as the Unauthorised Unit Trusts (Tax) (Amendment) Regulations 2014 and come into force on 6th April 2014.
Amendment of the Unauthorised Unit Trusts (Tax) Regulations 2013
2. The Unauthorised Unit Trusts (Tax) Regulations 2013( 2 ) are amended as follows.
Exclusion of certain unit trusts from meaning of “exempt unauthorised unit trust” and “non-exempt unauthorised unit trust”
3. 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 ( 3 ) as not being a unit trust scheme for the purposes of the definition of “unauthorised unit trust” in section 989 of that Act. ”
4. 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. ”
Application of section 490 of CTA 2009 to non-exempt unauthorised unit trusts
5. After regulation 29, insert—
“ Application of section 490 of CTA 2009 to non-exempt unauthorised unit trusts
29A. Section 490 of CTA 2009 ( 4 ) does not apply to any rights held by a company under a non-exempt unauthorised unit trust scheme. ”
Anne Milton
Mark Lancaster
Two of the Lords Commissioners of Her Majesty’s Treasury
12th March 2014
2007 c.3 . “ITA 2007” is defined as the “Income Tax Act 2007” by section 235(1) of the Finance Act 2013. Section 1007(2) was substituted by S.I. 2009/23 . Regulations made under the powers conferred by that section are S.I. 1988/267 , amended by S.I. 1992/571 , 1992/3133 , 1994/1479 , 2000/2551 and 2001/3629 ; and S.I. 1996/1585 , amended by S.I. 2001/3629 , 2006/745 , 2006/1162 .
2009 c.4 . “CTA 2009” is defined as the “Corporation Tax Act 2009” by section 235(1) of Finance Act 2013. Section 490 was amended by regulation 131 of S.I. 2009/3001 and by regulation 45 of S.I. 2011/1211 .