# The Unauthorised Unit Trusts (Tax) (Amendment) Regulations 2015, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations amend the Unauthorised Unit Trusts (Tax) Regulations 2013 (S.I. 2013/2819) (the “principal Regulations”).
Regulation 1 provides for citation and commencement.
Regulation 2 amends regulation 11 of the principal Regulations. Regulation 2(2) amends regulation 11(2) of the principal Regulations by providing that the general rule to determine the beginning of the basis period of an exempt unauthorised unit trust for a tax year is that it begins immediately after the end of the basis period for the previous tax year.
Regulation 2(3) inserts a provision in the principal Regulations to determine the basis period for the first tax year that a trust is an exempt unauthorised unit trust.
Regulation 2(4) amends regulation 11(4) of the principal Regulations which concerns the basis period in the second tax year that a trust is an exempt unauthorised unit trust where there is no accounting date in the first year but there is an accounting date in the second tax year. The basis period begins on the first day of the first period of account in respect of which the trust is approved as an exempt unauthorised unit trust and ends with the accounting date in the second tax year.
Regulations 2(5) and 2(6) amend regulation 11(5) to specify that where there is no accounting date in the first two years that a trust is an exempt unauthorised unit trust, the basis period for the third tax year begins on the first day of the first period of account in respect of which the trust is approved as an exempt unauthorised unit trust and ends with the accounting date in the third tax year.
A Tax Information and Impact Note covering this instrument will be published on the HMRC website at http://www.hmrc.gov.uk/thelibrary/tiins.htm .

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Source: https://www.legislation.gov.uk/uksi/2015/463/note (the official version)
Page: https://openlegislation.uk/unauthorised-unit-trusts-tax-amendment-regulations-2015/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.