The Income Tax (Authorised Unit Trusts) (Interest Distributions) Regulations 1994
These Regulations relate to certain payments of yearly interest by authorised unit trusts (“interest distributions”) which may be made without deduction of tax pursuant to sections 468M to 468P of the Income and Corporation Taxes Act 1988 (inserted by paragraph 2 of Schedule 14 to the Finance Act 1994) if at the time of the payment to the unit holder there exists a valid declaration to the effect that the unit holder is not ordinarily resident or, if a company, not resident in the United Kingdom. The Regulations first modify the application of sections 468O and 468P of the 1988 Act (residence conditions and residence declarations) in relation to interest distributions made to or received under a trust.econdly the Regulations make provision enabling the Board of Inland Revenue (“the Board”) to require authorised unit trusts to supply information and make records available for inspection in connection with residence declarations.