2144.This section sets out the amount of income treated as received by a unit holder from an unauthorised unit trust scheme which is charged to tax. It is based on section 469 of ICTA.
2145.Subsection (2) contains a method statement setting out the steps to be taken to calculate the amount of income on which the investor is charged to tax. The definition of “distribution period” in section 469(6) of ICTA has been provided in subsection (5) to assist in the calculation.