Income Tax (Trading and Other Income) Act 2005 section 377

Date when interest payments under section 376 made

Section 377 determines the date on which interest distributions from authorised unit trusts, as treated under section 376, are considered to have been made.

• This section applies specifically to amounts treated as interest payments under section 376 relating to authorised unit trust interest distributions.
• The deemed payment date depends on whether the trust's terms specify a date for any distribution in the relevant distribution period.
• Where the trust's terms do specify a distribution date, the interest payments are treated as made on that specified date.
• Where no distribution date is specified in the trust's terms, the interest payments are treated as made on the last day of the distribution period in question.