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HMRC internal manual

Capital Gains Manual

Unit and investment trusts: unauthorised unit trusts

An unauthorised unit trust is treated as if it were a company (TCGA92/S99 (1)), but notone within the charge to Corporation Tax on chargeable gains. The capital gains of anunauthorised unit trust are assessable to Capital Gains Tax on the trustees unless thetrust is classified as an exempt unauthorised unit trust (see CG41352).