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HMRC internal manual

Trusts, Settlements and Estates Manual

Legal background to trusts and estates: unit trust

This manual does not cover the tax treatment of, or what is meant by, trusts established as unit trust schemes. Advice on unit trust schemes is at:

  • CTM48140 onwards for authorised unit trust schemes
  • CTM48130 onwards for unauthorised unit trusts
  • CTM48135 onwards for foreign unit trusts.

Business Tax (Unit & Investment Trusts) can supply additional advice on

  • the taxation of unit trust schemes
  • any question about whether a trust is a unit trust scheme.

The taxation of participants depends on the character and nature of the scheme in which the interest is held. This applies to

  • income from unit trusts
  • gains on disposal of interests in unit trusts.

Information about this is in the above guidance and also at CG57680