Unauthorised Unit Trusts and Pension Fund Pooling Schemes
Information for Unauthorised Unit Trusts and Pension Fund Pooling Schemes for the Collective Investment Schemes Centre (CISC).
An Unauthorised Unit Trust is any unit trust scheme for which the Financial Services Authority has not made an authorisation order under Section 243 FSMA 2000. A Pension Fund Pooling Scheme (PFPS) is an unauthorised unit trust scheme which has elected to be a PFPS and meets certain characteristics contained in the regulations.
To register an Unauthorised Unit Trust please write to the CISC Team and send the following documentation - Trust Deed (draft/conformed), intended tax voucher (see model voucher) and Underlying Limited Partnership agreement (if applicable).
HMRC has published a list of contacts and postal address.
You can find general guidance on Unauthorised Unit Trusts in the Savings and Investment Manual.
The Unauthorised Unit Trusts (Tax) Regulations 2013 (Statutory Instrument number 2013/2819) have been made, following the end of the consultation process. These regulations set out the new tax rules for Unauthorised Unit Trusts and their investors.
HM Revenue and Customs (HMRC) published draft guidance on 11 December 2012 to help customers understand how the new rules would work. That guidance will be updated to take account of customers’ questions and minor changes to the regulations since they were published in draft form. But in the meantime, HMRC has published a technical note to summarise the changes and set out what trustees, managers and agents need to be aware of and act on now.
You can read the regulations on the Legislation.gov.uk website.
Tax Return for Year 2013 - 2014
Because of the changes to the tax regime for unauthorised unit trusts HMRC is providing some additional guidance to assist with the completion of the Tax Return for the year 2013 to 2014.
Tax Return for Year 2014 - 2015
Because of the changes to the tax regime for unauthorised unit trusts HMRC is providing some additional guidance to assist with the completion of the Tax Return for the year 2014 to 2015.
Applications and Tax Returns for EUUTs
Exempt Unauthorised Unit Trusts (EUUTs) wishing to submit an initial application for EUUT status should use application form CISC11.
For an Exempt Unauthorised Unit Trust submitting its self-assessment tax return you may wish to complete form CISC12. If you are e-filing your return, the CISC12 and a copy of the audited accounts can be sent as PDF attachments.