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HMRC internal manual

Trusts, Settlements and Estates Manual

From
HM Revenue & Customs
Updated
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Trust income and gains: Accrued Income Scheme: unauthorised unit trusts

The accounts of an unauthorised unit trust may include an Accrued Income Scheme charge profit as income. If so, the trustees show it as income on the Trust and Estate Tax Return. If the accounts do not show it as income, trustees return it with offshore income gains.

Accrued Income Scheme allowances losses do not affect the measure of unit holders’ income. Trustees simply set the allowances losses against the income they receive.