Taxation of Unauthorised Unit Trusts

David Gauke Excerpts

Thursday 24th May 2012 Written Statements

[The Exchequer Secretary to the Treasury (Mr David Gauke)]

HM Revenue and Customs (HMRC) are today publishing a second consultation setting out detailed proposals for changes to the taxation of unauthorised unit trusts and their investors.

This follows an initial consultation document published in June 2011 that set out options for change and asked for stakeholders’ views. HMRC have also subsequently met with interested parties. The initial consultation was issued following publication of the “Tackling Tax Avoidance” document at Budget 2011, which announced a number of tax policy areas that would be subject to consultation with the aim of preventing tax avoidance before it occurs to protect the Exchequer and increase certainty for taxpayers.

The second consultation includes a summary of responses to the first consultation. It asks for interested parties’ views on the new detailed proposals and their expected impact by 20 August. HMRC welcome further direct engagement with interested parties on the proposals, in particular during the period of the consultation. The consultation will be available on the HMRC website.