Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Unit trust definition

What does Unit trust mean? A unit trust is a pooled investment fund set up as a trust to hold assets for multiple investors, who participate as unit‑holders. In practice it is an open‑ended collective investment scheme: investors buy and redeem units, and each unit represents a proportionate beneficial interest in the trust fund. Unit prices (NAV) move directly with the value of the underlying assets. Key features include separation of roles: a trustee/custodian holds legal title and safeguards the fund, while a manager makes investment decisions under the trust deed and applicable regulations. The structure enables investors to gain diversified exposure with...

UK direct tax treatment of Jersey property unit trusts: income transparency, interest and allowances, NRL Scheme, CGT including 2019 rules, CIV elections (transparent/exempt), residence, offshore funds/attribution, ATED

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Practice notes

An offshore unauthorised property Unit trust provides a means to hold UK real Estate as an investment. These trusts are most often set up in the Channel Islands—typically Jersey or Guernsey—or in the Isle of Man, though they can also be constituted under the laws of another non-UK jurisdiction. This Practice Note describes such property unit trusts, wherever formed, as JPUTs (reflecting the prevalence of Jersey property unit trusts). For the purposes of this Practice Note, it is assumed that a JPUT holds UK real estate as an investment and not as trading stock. For an explanation of that distinction, see Practice Note: Dealing in property or property investment? Historically, JPUTs were favoured because UK real estate could be transferred into a JPUT without incurring stamp duty land tax (SDLT). That treatment arose under a specific exemption called ‘seeding relief’, which was withdrawn with effect from 22 March 2006, as noted in Practice Note...

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Web page updated on 22/05/2026

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