CG41300 - 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.