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The Income Tax (Definition of Unit Trust Scheme) (Amendment) Regulations 2000

S.I. 2000/2551 · Made 20 September 2000

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 20th September 2000

Laid before the House of Commons 20th September 2000

Coming into force 11th October 2000

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. 1Regulation 1
  2. 2Regulation 2
  3. Signature
  4. Explanatory note

1

These Regulations may be cited as the Income Tax (Definition of Unit Trust Scheme) (Amendment) Regulations 2000 and shall come into force on 11th October 2000.

2

(1)

Regulation 3 of the Income Tax (Definition of Unit Trust Scheme) Regulations 1988f1 is amended as follows.

(2)

After paragraph (d) insert

“or

(e)

an employee share ownership plan approved under Schedule 8 to the Finance Act 2000f2,”.

Signature

Greg Pope

Jim Dowd

Two of the Lords Commissioners of Her Majesty’s Treasury

20th September 2000

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Income Tax (Definition of Unit Trust Scheme) Regulations 1988 (S.I. 1988/267) so as to provide that an employee share ownership plan approved under Schedule 8 to the Finance Act 2000 (c. 17) is not a unit trust scheme for the purposes of section 469 of the Income and Corporation Taxes Act 1988 (c. 1) (tax treatment of unauthorised unit trusts).