Income Tax Act 2007 section 167-168

Unauthorised unit trusts: calculation of trustees' income pool

Sections 167–168 formerly provided rules for calculating the trustees' income pool of unauthorised unit trusts, but have been repealed.

• Sections 167 and 168 originally set out how to calculate the trustees' income pool for unauthorised unit trusts.
• These provisions were part of Schedule 2 to the Income Tax Act 2007, which dealt with transitional and consequential matters.
• Both sections were repealed by the Unauthorised Unit Trusts (Tax) Regulations 2013 (SI 2013/2819), which came into force and replaced the earlier framework.
• Accountants dealing with unauthorised unit trusts should now refer to the 2013 Regulations for the current tax treatment of these trusts.