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HMRC internal manual

Capital Gains Manual

Trusts: definition: unit trusts

Unit trusts set up in the UK are as a matter of general law set up as trusts, with aninstitution such as a bank as trustee and beneficiaries who are called unit holders. Fortax purposes however such unit trusts are treated as companies, and the units held by theunit holders are treated as if they were shares in a company. See CG41300+ for thetreatment of the chargeable gains of the unit trust and CG57680+ for the treatment of theunit holders.