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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Unit trusts: authorised and unauthorised unit trusts

The instructions at CG41330 deal with the difference between authorised and unauthorised unit trusts. This distinction is not usually relevant to the Capital Gains Tax treatment of unit holders. Unless otherwise indicated these instructions apply equally to the holders of units in authorised and unauthorised unit trusts. In practice units in unauthorised unit trusts are held mainly by organisations such as pension funds and local authorities who are themselves exempt from Capital Gains Tax.