Corporation Tax Act 2010 section 1140

"Unauthorised unit trust"

Section 1140 defines what an "unauthorised unit trust" means for corporation tax purposes and sets out the circumstances in which a unit trust scheme falls within or outside that definition.

• An unauthorised unit trust is a unit trust scheme that is neither an authorised unit trust nor an umbrella scheme.
• Certain unit trust schemes may be excluded from this definition by regulations made under the Income Tax Act 2007, which can specify that particular schemes are not to be treated as unit trust schemes for these purposes.
• The term "umbrella scheme" carries the same meaning as defined elsewhere in the Corporation Tax Act 2010 (section 619).
• The corresponding income tax definition of "unauthorised unit trust" is found in section 989 of the Income Tax Act 2007.