Commentary

D1.8112 Collective investment schemes

Corporate tax
Corporate tax | Commentary

D1.8112 Collective investment schemes

Corporate tax | Commentary

D1.8112 Collective investment schemes

Authorised unit trusts

There is a special exemption for capital profits under a derivative contract.

For accounting periods beginning on or after 1 April 2006, capital profits, gains or losses arising on a derivative contract are defined in the case of an authorised unit trust that prepares its accounts in accordance with UK generally accepted accounting practice as such profits, gains or losses that fall to be dealt with under:

  1.  

    (a)     the heading 'net gain/losses on investments during the period'; or

  2.  

    (b)     the hedging 'other gains/losses',

in the statement of total return for the accounting period. This in

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