Commentary on Sections Overview Overview Section 505: Relief for trustees of unauthorised unit trust
1488.This section gives relief to the trustees of a UUT for the payments to unit holders treated as made under Chapter 13 of Part 15. It is based on sections 348(1) and 835(6) of ICTA.
1489.The relief is given by deduction in calculating net income. This is in line with the approach adopted generally to rewriting the provisions about charges on income. See Change 81 in Annex 1 and the overview commentary on Chapter 4 of Part 8.
1490.The relief is limited by reference to two factors:
	the case law enacted in section 450 (see the commentary on that section and Change 82 in Annex 1); and
	the trustees’ modified net income for the tax year.