IFM10110 | Unit trusts not within the UUT Regulations

Several types of unit trust scheme are excluded from the UUT Regulations (SI 2013/2819), namely:

• Enterprise Zone Property Unit Trust schemes

• Charitable unit trusts

• Limited partnerships

• Tax advantaged share schemes

• Pension funds pooling schemes

Limited partnerships and tax advantaged share schemes are also excluded from the definition of a unit trust scheme for capital gains tax purposes.

The legislation containing the above exclusions can be found in:

• Capital Gains Tax (Definition of Unit Trust Scheme) Regulations 1988 (SI 1988/266);

• Income Tax (Definition of Unit Trust Scheme) Regulations 1988 (SI 1988/267);

• Capital Gains Tax (Pension Funds Pooling Schemes) Regulations 1996 (SI1996/1583) and

• Income Tax (Pension Funds Pooling Schemes) Regulations 1996 (SI 1996/1585).

The tax advantaged share schemes operated under Schedules 2-5 of the Income Tax (Earnings and Pensions) Act 2003 are successors to the “Approved profit sharing schemes” to which the legislation refers.