{
  "url": "https://openlegislation.uk/income-tax-definition-of-unit-trust-scheme-regulations-1988",
  "json_url": "https://openlegislation.uk/income-tax-definition-of-unit-trust-scheme-regulations-1988.json",
  "id": "uksi/1988/267",
  "title": "The Income Tax (Definition of Unit Trust Scheme) Regulations 1988",
  "short_title": "Income Tax (Definition of Unit Trust Scheme) 1988",
  "long_title": "These Regulations provide for certain unauthorised unit trust schemes to be excepted from the treatment of such schemes given by section 354A of the Income and Corporation Taxes Act 1970 (“section 354A”). This section, which was inserted by section 39(1) of the Finance Act 1987, treats income arising to the trustees of unauthorised unit trust schemes as being income of the trustees and not of the unit holders for income tax purposes and treats any capital allowances due in respect of trust expenditure as being available to the trustees and not to the unit holders. Four types of unit trust scheme are excepted from section 354A by these Regulations: enterprise zone property schemes, charitable unit trust schemes, limited partnership schemes and approved profit sharing schemes. In the first three cases the treatment of the trustees and unit holders for the purposes of income tax and capital allowances will accord with the legal nature of the relationship between them, as established by the terms of the scheme. Approved profit sharing schemes will be taxed in accordance with Chapter III of the Finance Act 1978.",
  "citation": "S.I. 1988/267",
  "type": "uksi",
  "year": "1988",
  "number": "267",
  "version": "current",
  "date": "1988-02-18",
  "revised": false,
  "valid_from": null,
  "extent": null,
  "unapplied_effects": 7,
  "provisions": [
    {
      "path": "introduction",
      "kind": "introduction",
      "number": null,
      "heading": "Introductory text",
      "url": "https://openlegislation.uk/income-tax-definition-of-unit-trust-scheme-regulations-1988/introduction",
      "extent": null,
      "status": null,
      "parent": null
    },
    {
      "path": "regulation/1",
      "kind": "regulation",
      "number": "1",
      "heading": "Citation and commencement",
      "url": "https://openlegislation.uk/income-tax-definition-of-unit-trust-scheme-regulations-1988/regulation-1",
      "extent": null,
      "status": null,
      "parent": null
    },
    {
      "path": "regulation/2",
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      "heading": "Interpretation",
      "url": "https://openlegislation.uk/income-tax-definition-of-unit-trust-scheme-regulations-1988/regulation-2",
      "extent": null,
      "status": null,
      "parent": null
    },
    {
      "path": "regulation/3",
      "kind": "regulation",
      "number": "3",
      "heading": "Exception of certain unit trust schemes from section 354A",
      "url": "https://openlegislation.uk/income-tax-definition-of-unit-trust-scheme-regulations-1988/regulation-3",
      "extent": null,
      "status": null,
      "parent": null
    },
    {
      "path": "regulation/4",
      "kind": "regulation",
      "number": "4",
      "heading": "Description of an enterprise zone property scheme",
      "url": "https://openlegislation.uk/income-tax-definition-of-unit-trust-scheme-regulations-1988/regulation-4",
      "extent": null,
      "status": null,
      "parent": null
    },
    {
      "path": "regulation/5",
      "kind": "regulation",
      "number": "5",
      "heading": "Responsibilities of trustee of an enterprise zone property scheme",
      "url": "https://openlegislation.uk/income-tax-definition-of-unit-trust-scheme-regulations-1988/regulation-5",
      "extent": null,
      "status": null,
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    },
    {
      "path": "regulation/6",
      "kind": "regulation",
      "number": "6",
      "heading": "Provision of information by trustee of an enterprise zone property scheme",
      "url": "https://openlegislation.uk/income-tax-definition-of-unit-trust-scheme-regulations-1988/regulation-6",
      "extent": null,
      "status": null,
      "parent": null
    },
    {
      "path": "regulation/7",
      "kind": "regulation",
      "number": "7",
      "heading": "Descriptions of a charitable unit trust scheme",
      "url": "https://openlegislation.uk/income-tax-definition-of-unit-trust-scheme-regulations-1988/regulation-7",
      "extent": null,
      "status": null,
      "parent": null
    },
    {
      "path": "regulation/8",
      "kind": "regulation",
      "number": "8",
      "heading": "Description of a limited partnership scheme",
      "url": "https://openlegislation.uk/income-tax-definition-of-unit-trust-scheme-regulations-1988/regulation-8",
      "extent": null,
      "status": null,
      "parent": null
    },
    {
      "path": "regulation/9",
      "kind": "regulation",
      "number": "9",
      "heading": "Effect of Regulations",
      "url": "https://openlegislation.uk/income-tax-definition-of-unit-trust-scheme-regulations-1988/regulation-9",
      "extent": null,
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    },
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      "path": "signature",
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      "number": null,
      "heading": "Signature",
      "url": "https://openlegislation.uk/income-tax-definition-of-unit-trust-scheme-regulations-1988/signature",
      "extent": null,
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    },
    {
      "path": "note",
      "kind": "note",
      "number": null,
      "heading": "Explanatory note",
      "url": "https://openlegislation.uk/income-tax-definition-of-unit-trust-scheme-regulations-1988/note",
      "extent": null,
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      "language": null,
      "date": "2023-11-22",
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      "source_url": "https://www.legislation.gov.uk/uksi/1988/267/pdfs/uksi_19880267_en.pdf"
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  ],
  "outstanding_effects": [
    {
      "type": "added",
      "affected_provisions": "reg.7(2)(aa)",
      "affecting": "uksi/1992/3133",
      "affecting_title": "The Income Tax (Definition of Unit Trust Scheme) (Amendment No. 2) Regulations 1992",
      "affecting_provisions": "reg.2"
    },
    {
      "type": "amended",
      "affected_provisions": "reg.4(2)(a)(i)(ii)(c)(ii)",
      "affecting": "uksi/1992/571",
      "affecting_title": "The Income Tax (Definition of Unit Trust Scheme) (Amendment) Regulations 1992",
      "affecting_provisions": "reg.3"
    },
    {
      "type": "added",
      "affected_provisions": "reg.4(4)",
      "affecting": "uksi/1992/571",
      "affecting_title": "The Income Tax (Definition of Unit Trust Scheme) (Amendment) Regulations 1992",
      "affecting_provisions": "reg.4"
    },
    {
      "type": "amended",
      "affected_provisions": "reg.7(2)(c)",
      "affecting": "uksi/1994/1479",
      "affecting_title": "The Income Tax (Definition of Unit Trust Scheme) (Amendment) Regulations 1994",
      "affecting_provisions": "reg.2(a)"
    },
    {
      "type": "added",
      "affected_provisions": "reg.7(2)(ca)",
      "affecting": "uksi/1994/1479",
      "affecting_title": "The Income Tax (Definition of Unit Trust Scheme) (Amendment) Regulations 1994",
      "affecting_provisions": "reg.2(b)"
    },
    {
      "type": "amended",
      "affected_provisions": "reg.3",
      "affecting": "uksi/2000/2551",
      "affecting_title": "The Income Tax (Definition of Unit Trust Scheme) (Amendment) Regulations 2000",
      "affecting_provisions": "reg.2"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 2",
      "affecting": "uksi/2001/3629",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001",
      "affecting_provisions": "art. 117"
    }
  ],
  "made_under": [
    {
      "id": "ukpga/1970/10",
      "title": "Income and Corporation Taxes Act 1970 (repealed 6.4.1992)",
      "url": "https://openlegislation.uk/income-and-corporation-taxes-act-1970-repealed-641992",
      "provisions": [
        "section/354A"
      ]
    }
  ],
  "changes_made_to": 7,
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  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1988/267",
    "retrieved_at": "2026-10-29T16:11:37.094499+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}