Corporation Tax Act 2010 section 616

Meaning of "authorised unit trust" and "unit holder"

Section 616 defines the terms "authorised unit trust" and "unit holder" for the purposes of the chapter on authorised investment funds.

• An "authorised unit trust" is a unit trust scheme authorised under section 243 of FISMA 2000, whether for the whole or part of an accounting period.
• A "unit holder" is any person who is entitled to a share of the investments held under the trusts of a unit trust scheme.
• Both definitions are subject to the special rules for umbrella schemes set out in section 619.
• These definitions apply throughout the chapter dealing with authorised investment funds.