Corporation Tax Act 2009 section 973

Amount of income treated as received

Section 973 sets out how to calculate the amount of income that a unit holder is treated as receiving from an unauthorised unit trust scheme.

• When a unit holder in an unauthorised unit trust scheme is treated as receiving income, the amount must be calculated using a specific method
• The section provides a step-by-step method statement for arriving at the gross amount of income on which the unit holder is charged to corporation tax
• This calculation applies where income has been treated as received by the unit holder under the rules for unauthorised unit trust schemes
• The equivalent rule for income tax purposes (applying to individuals rather than companies) is found in separate income tax legislation