Corporation Tax Act 2009 section 972

Charge to tax under this Chapter

Section 972 establishes how corporation tax on income applies to amounts shown in a unit trust scheme's accounts as income available for payment to unit holders or for investment in the scheme.

• Amounts shown in a unit trust scheme's accounts as income available for distribution to unit holders are subject to corporation tax on income.
• Amounts shown as income available for investment back into the scheme are also subject to the same corporation tax charge.
• The charge applies to income as it appears in the scheme's own accounts, making the accounts the starting point for determining what is taxable.
• This provision was amended by The Unauthorised Unit Trusts (Tax) Regulations 2013 and has a corresponding income tax equivalent for non-corporate unit holders.