IFM10100 - Introduction to Unauthorised Unit Trusts (UUTs)
A unit trust is a collective investment scheme created by deed where the scheme property is held on trust for the investors. As with other collective investment schemes, investors pool their money and invest in a professionally managed portfolio of assets.
A unit trust scheme has the meaning given by section 237 of the Financial Services and Markets Act 2000. An unauthorised unit trust (UUT) is a unit trust scheme which is neither an authorised unit trust nor an umbrella scheme (as defined in Chapter 2 of Part 13 of the Corporation Tax Act 2010). Certain unit trust schemes are treated as not being a unit trust scheme for the purposes of tax rules on unauthorised unit trusts - see IFM10110.
The taxation of UUTs and of investors in UUTs is set out in the Unauthorised Unit Trusts (Tax) Regulations 2013 (SI 2013/2819) (바카라 사이트渢he UUT Regulations바카라 사이트�).
The UUT Regulations apply where the trustees of an UUT are resident in the United Kingdom. Offshore unit trusts (whether 바카라 사이트楤aker바카라 사이트� or 바카라 사이트楪arland바카라 사이트�) with non-UK resident trustees are not UUTs for the purposes of the UUT Regulations. The tax treatment of a UUT and of its unit holders will depend on whether a UUT is:
- An exempt unauthorised unit trust (EUUT) 潭 see IFM10220;
- A non-exempt unauthorised unit trust (NEUUT) 바카라 사이트� see IFM10320; or
- A mixed unauthorised unit trust (MUUT) 바카라 사이트� see IFM10400
IFM10110 explains what types of unit trust are not within the UUT Regulations. IFM10120 explains what a collective investment scheme is.