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HMRC internal manual

Capital Gains Manual

Unit and investment trusts: unit trust schemes: general

A ‘unit trust scheme’ has the same meaning as in the Financial Services and Markets Act2000 (TCGA92/S99 (2)(a)). A unit trust scheme may be for tax purposes

  • an authorised unit trust, or
  • an unauthorised unit trust

An ‘investment trust’ is a limited company with fixed share capital. It maybe ‘approved’ by the Board of HMRC under ICTA88/S842, otherwise it is‘unapproved’. See CG41400+ for more information on approved and unapprovedinvestment trusts.