{
  "url": "https://openlegislation.uk/income-tax-definition-of-unit-trust-scheme-regulations-1988/regulation-2",
  "json_url": "https://openlegislation.uk/income-tax-definition-of-unit-trust-scheme-regulations-1988/regulation-2.json",
  "legislation": "uksi/1988/267",
  "legislation_title": "The Income Tax (Definition of Unit Trust Scheme) Regulations 1988",
  "legislation_url": "https://openlegislation.uk/income-tax-definition-of-unit-trust-scheme-regulations-1988",
  "path": "regulation/2",
  "kind": "regulation",
  "number": "2",
  "heading": "Interpretation",
  "text": "(1) In these Regulations unless the context otherwise requires—\n“charitable unit trust scheme” means a unit trust scheme of one of the descriptions specified in regulation 7;\n“enterprise zone” has the same meaning as in section 74 of the Finance Act 1980;\n“enterprise zone property scheme” means a unit trust scheme of the description specified in regulation 4;\n“inspector” means any inspector of taxes;\n“limited partnership” means a limited partnership registered under the Limited Partnerships Act 1907 and“general partner” and“limited partner” have the same meanings as in that Act;\n“limited partnership scheme” means a unit trust scheme of the description specified in regulation 8;\n“participant” in relation to a unit trust scheme, has the meaning given by section 75(2) of the Financial Services Act 1986;\n“Schedule A” means the Schedule referred to as Schedule A in section 67(1) of the Taxes Act;\n“Schedule D” means the Schedule referred to as Schedule D in section 108 of the Taxes Act;\n“scheme property” means, in relation to a unit trust scheme, property of any description, including money, which is held on trust for the participants in the scheme;\n“section 354A” means section 354A of the Taxes Act;\n“tax year” means a year beginning with 6th April in any year and ending with 5th April in the following year;\n“the Taxes Act” means the Income and Corporation Taxes Act 1970;\n“trustee” means, in relation to a unit trust scheme, the person holding the scheme property on trust for the participants;\n“unit trust scheme” means a scheme which, apart from these Regulations, is a unit trust scheme for the purposes of section 354A.\n(2) The provisions of section 56 of the Finance Act 1985 shall have effect to determine when capital expenditure is to be taken to be incurred for the purposes of these Regulations.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "1980 c. 48."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "1907 c. 24; relevant amendments were made by section 286 of, and Part I of Schedule 6 to, the Companies (Consolidation) Act 1908 (c. 69), section 1 of, and Part I of the Schedule to, the Statute Law Revision Act 1927 (c. 42) and sections 46(b) and 51(2) of, and Schedule 7 to, the Banking Act 1979 (c. 37)."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "1986 c. 60."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "Section 108 was repealed in part by Part II of Schedule 22 to the Finance Act 1973 (c. 51)."
    },
    {
      "type": "footnote",
      "label": "f5",
      "text": "1985 c. 54."
    }
  ],
  "outstanding_effects": [
    {
      "type": "words substituted",
      "affecting": "uksi/2001/3629",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1988/267/regulation/2",
    "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."
}