Authorised investment funds: collective investment schemes: general: unit trust schemes
Unit Trust schemes are not corporate bodies but in some cases are taxed in the same way.
This manual deals with the taxation of authorised unit trusts because their trustees are subject to CT. The tax regime applying is the same as that which applies for open-ended investment companies (which are corporate bodies). Authorised unit trusts and open-ended investment companies are both types of authorised investment fund (CTM48115).
Other types of unit trusts are not subject to CT but the trustees may be subject to IT.
For types of collective investment scheme and for relevant cross references to tax information on other bodies constituting collective investment schemes but which are not subject to CT please see CTM48110.