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The Unauthorised Unit Trusts (Tax) Regulations 2013

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11.—(1) The income of an exempt unauthorised unit trust for a tax year is taken to be the income of the exempt unauthorised unit trust arising in a basis period for the tax year.

(2) The general rule is that the basis period for a tax year [F1(the current year)] for an exempt unauthorised unit trust is the period [F2beginning immediately after the end of the basis period for the previous tax year and ending with the accounting date in the current year].

(3) The accounting date, in relation to a tax year, means—

(a)the date in the tax year to which accounts are drawn up, or

(b)if there are two or more such dates, the latest of them.

[F3(3A) In the first tax year that a trust is an exempt unauthorised unit trust the basis period for the tax year is the period—

(a)beginning on the first day of the first period of account in respect of which the trust is approved under these Regulations as an exempt unauthorised unit trust, and

(b)ending with the accounting date in that year.]

(4) If there is no accounting date in the first tax year that the trust is an exempt unauthorised unit trust but there is an accounting date in the following tax year—

(a)there is no basis period for the first tax year (so that the trust has no income for that year), but

(b)the basis period for the following year is the period [F4beginning on the first day of the first period of account in respect of which the trust is approved under these Regulations as an exempt unauthorised trust and] ending with the accounting date in that year.

(5) If there is no accounting date in the first two tax years that the trust is an exempt unauthorised unit trust—

(a)there is no basis period for [F5those years] (so that the trust has no income for [F6those years]), but

[F7(b)the basis period for the third tax year that the trust is an exempt unauthorised unit trust is the period—

(i)beginning on the first day of the first period of account in respect of which the trust is approved under these Regulations as an exempt unauthorised unit trust, and

(ii)ending with the accounting date in that year.]

(6) Otherwise, if there is no accounting date in the tax year, the basis period is the period of 12 months beginning immediately after the end of the basis period for the previous tax year.

(7) If the basis period for a tax year does not coincide with a period of account of an exempt unauthorised unit trust, either of the steps in paragraph (8) must be taken if necessary in order to arrive at the amount of the income of the trust treated under regulation 14 as if it were accrued income profits arising in a basis period.

(8) The steps are—

(a)apportioning the income of a period of account to the parts of that period falling in different basis periods, and

(b)adding the income of a period of account (or part of a period) to the income of other periods of account (or parts),

and the steps must be taken by reference to the number of days in the periods concerned.

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