Income Tax (Trading and Other Income) Act 2005 section 548

Income charged

Section 548 sets out how to calculate the amount of income from an unauthorised unit trust scheme on which a unit holder is charged to income tax.

• The section applies to unit holders in unauthorised unit trust schemes who receive income that is subject to income tax.
• A method statement provides a step-by-step process for calculating the taxable amount of income attributed to the unit holder.
• The calculation determines the specific portion of trust income on which the unit holder must pay tax.
• The rules ensure that the correct amount of income is brought into charge, reflecting the unit holder's share of the scheme's income.