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HMRC internal manual

Capital Gains Manual

Unit and investment trusts: authorised unit trusts

TCGA92/S99 (2) brings in for chargeable gains purposes the definition of ‘authorisedunit trust’ contained in ICTA88/S468 (6). A trust becomes ‘authorised’ on the issue of anOrder (by the Financial Services Authority) under section 243 of the Financial Servicesand Markets Act 2000. If such an Order is in force for the whole or part of an ac-countingperiod, then the scheme is an authorised unit trust for that accounting period.