Section 45: Unit trust schemes

45. Unit trust schemes (1) Every trustee of a unit trust scheme shall pay income tax on his chargeable income at the rate specified in the First Schedule. (2) Any gain derived by the trustee of a unit trust scheme on realisation of any investment shall be deemed not to be income derived by the trustee provided that at least 70 per cent of the gain is— (a) not distributed as income to the unitholders, but is credited to the Unit Trust Fund of the scheme; (b) appropriated to meet realised losses; or (c) applied towards a capital purpose only. (3) Any distribution to a unitholder out of the net income derived by the unit trust scheme shall be deemed to be a dividend to a shareholder. (4) This section shall not apply in respect of the year of assessment 2005-2006 or subsequent years. [S. 45 amended by Act 13 of 1996; s. 156 (3) (e) of Act 22 of 2005 w.e.f. 28 September 2007; s. 18 (o) of Act 15 of 2006 w.e.f. 1 July 2007 in respect of the year of assessment commencing on 1 July 2007 and in respect of every subsequent year of assessment.] [Issue 7] I5 – 32 Revised Laws of Mauritius