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The Income Tax (Definition of Unit Trust Scheme) (Amendment No. 2) Regulations 1992

S.I. 1992/3133 · Made 9 December 1992

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

INCOME TAX

Made 9th December 1992

Laid before The House of Commons 11th December 1992

Coming into force 1st January 1993

The Treasury, in exercise of the powers conferred on them by section 469(7) of the Income and Corporation Taxes Act 1988f1, hereby make the following Regulations:

Annotations to the whole text

Footnotes

f1

1988 c. 1.

Contents

  1. 1Citation and commencement
  2. 2Amendment to the Income Tax (Definition of Unit Trust Scheme) Regulations 1988
  3. Signature
  4. Explanatory note

1Citation and commencement

These Regulations may be cited as the Income Tax (Definition of Unit Trust Scheme) (Amendment No. 2) Regulations 1992 and shall come into force on 1st January 1993.

2Amendment to the Income Tax (Definition of Unit Trust Scheme) Regulations 1988

In regulation 7(2) of the Income Tax (Definition of Unit Trust Scheme) Regulations 1988f1 after sub-paragraph (a) there shall be inserted—

“(aa)

a common deposit fund established under section 22A of the Charities Act 1960f2;”.

Signature

Irvine Patnick

Tim Boswell

Two of the Lords Commissioners of Her Majesty’s Treasury

9th December 1992

Explanatory note

(This note is not part of the Regulations)

These Regulations, which are made under section 469(7) of the Income and Corporation Taxes Act 1988 and come into force on 1st January 1993, amend the Income Tax (Definition of Unit Trust Scheme) Regulations 1988 (S.I. 1988/267) (“the principal Regulations”).

The Regulations amend regulation 7 of the principal Regulations so as to extend the descriptions of a charitable unit trust scheme to schemes for the establishment of common deposit funds made pursuant to section 22A of the Charities Act 1960 (inserted bysection 16 of the Charities Act 1992). The effect is that such schemes are excepted from the tax treatment of unauthorised unit trust schemes imposed by section 469 of the 1988 Act and are thus able to pass on their income to charities participating in the schemes without deduction of tax.