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Section 99: Application of Act to unit trust schemes.

Taxation of Chargeable Gains Act 1992 · 1992 c. 12View on legislation.gov.uk

Part III: Individuals, partnerships, trusts and collective investment schemes etc — Chapter III: Collective investment schemes and investment trusts etc

This Act shall apply in relation to any unit trust scheme as if—

the scheme were a company,
the rights of the unit holders were shares in the company, and
in the case of an authorised unit trust, the company were resident ... in the United Kingdom,

except that nothing in this section shall be taken to bring a unit trust scheme within the charge to corporation tax on chargeable gains.

Subsection (1) does not apply to an offshore fund that is a transparent fund within the meaning given by regulation 11 of the Offshore Funds (Tax) Regulations 2009 (see instead section 103D).

Subject to subsection (3) and sections 99A and 151W(a) below, in this Act—

"unit trust scheme" has the meaning given by section 237(1) of the Financial Services and Markets Act 2000,
"unit holder" means a person entitled to a share of the investments subject to the trusts of a unit trust scheme;
"authorised unit trust" means, as respects an accounting period, a unit trust scheme in the case of which an order under section 243 of the Financial Services and Markets Act 2000 is in force during the whole or part of that period.
"open-ended investment company" has the meaning given by subsection (10) of section 468 of the Taxes Act, read with subsections (11) to (18) of that section, as those subsections are added by regulation 10(4) of the Open-ended Investment Companies (Tax) Regulations 1997; and accordingly references in subsections (11) to (16) of that section to "the Tax Acts" shall be construed as if they included references to this Act.

The Treasury may by regulations provide that any scheme of a description specified in the regulations shall be treated as not being a unit trust scheme for the purposes of this Act; and regulations under this section may contain such supplementary and transitional provisions as appear to the Treasury to be necessary or expedient.

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This legislation text comes from legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. These source and reuse terms cover the legislation text, not Remedy's commentary.

Reuse reviewed 21 August 2026 under Open Government Licence v3.0.