CG41300 - Unit and investment trusts: unit trust schemes: general

A 'unit trust scheme' has the same meaning as in the Financial Services and Markets Act 2000 (TCGA92/S99 (2)(a)). A unit trust scheme may be for tax purposes

• an authorised unit trust, or
• an unauthorised unit trust

An ‘investment trust’ is a limited company with fixed share capital. It may be ‘approved’ by the Board of HMRC under ICTA88/S842, otherwise it is ‘unapproved’. See CG41400+ for more information on approved and unapproved investment trusts.