The provisions in this article apply both pre and post 5 April 2014 to ensure that certain types of unit trusts that have long been treated as not being UUTs for tax purposes remain outside of the scope of the rules.
When the legislation governing unauthorised unit trusts was introduced, it was realised that the wide definition of a unit trust in the Financial Services and Markets Act 20001 (which is applied for the purposes of the Taxes Acts, see D8.101) could include collective investment schemes which were not considered suitable for inclusion as unit trusts. Provision was therefore made for the Treasury to make regulations excluding specified types of schemes from the application of the unauthorised unit trust rules2. Separate regulations were made in respect of income tax3 and capital gains tax4.
Capital gains tax exclusions
The capital gains tax regulations exclude5:
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(a)ÌýÌýÌýÌý limited partnership schemes (ie schemes where the scheme property is held on trust for the general partners and limited partners
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