Income Tax (Trading and Other Income) Act 2005 section 549

Person liable

Section 549 identifies who is liable to pay tax on income distributions from unauthorised unit trusts.

  • This section applies to income taxed under Chapter 10 of Part 4 of the Act, which deals with distributions from unauthorised unit trusts.
  • The person liable for the tax is the unit holder who receives the income distribution.
  • The charge arises on the unit holder personally, not on the trust or any other party.
  • This provision was amended by the Unauthorised Unit Trusts (Tax) Regulations 2013 to reflect updated rules for the taxation of unauthorised unit trusts.

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