Commentary

D8.176 Treatment of income and expenses

Corporate tax
Corporate tax | Commentary

D8.176 Treatment of income and expenses

Corporate tax | Commentary

D8.176 Treatment of income and expenses

The provisions in this article apply until 5 April 2014, unless the UUT is a mixed trust (D8.186). Otherwise, from 6 April 2014 (subject to transitional arrangements (D8.186)) the provisions at D8.180 apply.

In general, all the income of an unauthorised unit trust is charged to income tax at the basic rate1. The special trust rate does not apply to a unit trust except in respect of profits from transactions in futures and options designed to produce a guaranteed return2. A mixed UUT obtains a full deduction for finance costs when calculating the profits

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