Section YC 12 — Income Tax Act 2007: Public unit trusts

YC 12 Public unit trusts When this section applies (1) This section applies in relation to a public unit trust if the public unit trust chooses to apply it. Unit holders treated as notional single person (2) The unit holders’ shares in the unit trust are treated as held by a notional single person that— (a) is not a company; and (b) exists as long as the unit trust exists; and (c) holds nothing other than the shares in the unit trust. Treatment of balances carried forward into 2001–02 tax year (3) Subsection (4) applies if— (a) a public unit trust exists on the first day of the 2001–02 tax year; and (b) the public unit trust chose to apply section OD 5(5B) of the Income Tax Act 1994 from the first day of the tax year. Notional single person treated as always existing (4) The notional single person is treated as having accumulated and as having always existed in relation to the balances, at the start of the 2001–02 tax year, of the unit trust’s— (a) imputation credit account: (b) foreign dividend payment (FDP) account: (c) loss balances. Defined in this Act: company , FDP account , imputation credit account , loss balance , public unit trust , share , shareholder , tax year , unit trust , Compare: 2004 No 35 s OD 4(5A)–(5C)