The tax treatment of EUUTs after 6 April 2014 is governed by the Unauthorised Unit Trusts (Tax) Regulations 2013 (SI 2013/2819) (the Regulations). The Regulations come into force on 6th April 2014 subject to certain provisions which come into effect on 1 November 2013 (see reg. 1(2)). All subsequent references are to the Regulations unless otherwise stated.

Basic requirements for approval as a EUUT

An unauthorised unit trust (UUT) is an exempt unauthorised unit trust (EUUT) if:

(1)its trustees are UK resident for the relevant period of account;

(2)all of its unit holders are eligible investors (¶782-770) throughout the period of account;

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