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