Commentary on Sections Part 10: Miscellaneous income Overview Section 973: Amount of income treated as received
2463.This section sets out the amount of income treated as received by a unit holder from an unauthorised unit trust scheme under section 972(2). It is based on section 469 of ICTA. The corresponding rule for income tax is in section 548 of ITTOIA.
2464.Subsection (2) contains a method statement setting out the steps to be taken to calculate the gross amount of income on which the unit holder is charged to tax.