The Income Tax (Pension Funds Pooling Schemes) Regulations 1996
These Regulations provide for certain unauthorised unit trust schemes (“pension funds pooling schemes”), participation in which is restricted to specified pension schemes or funds and which satisfy the criteria set out in the Regulations, to be excepted from the treatment of such unit trust schemes given by section 469 of the Income and Corporation Taxes Act 1988 (“section 469”). The effect is that income and expenditure of the trustee of the scheme will be treated, so far as income tax and capital allowances are concerned, as being income and expenditure of the participants, the proportion of that income and expenditure attributable to any participant being determined by the size of that participant’s share of the scheme property.