Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Unauthorised unit trust definition

What does Unauthorised unit trust mean? A trust-based pooled investment vehicle in which investors hold units but which operates without FCA authorisation under fsma 2000. In UK practice this denotes a unit trust that is not an authorised unit trust scheme and so is not bound by the FCA’s COLL rules on eligible assets, diversification, borrowing and liquidity. Such schemes typically offer wider investment and borrowing powers and are used for specialist or institutional mandates (for example, property or alternative assets). They are, however, treated as unregulated collective investment schemes for UK purposes, so are subject to promotion and marketing restrictions (including section...

UK taxation of unauthorised unit trusts: property and trading fund structuring, investor profiles, EUUTs v limited partnerships, JPUTs/offshore companies, SDLT/VAT, and pension fund pooling schemes

Published by a LexisNexis Tax expert

Practice notes

This Practice Note outlines the principal practical applications of unauthorised unit trusts (UUTs) and highlights recurring tax considerations in those settings. Unit trusts chiefly operate as investment fund vehicles. As set out in Practice Note: Taxation of unauthorised unit trusts, a UUT is a unit trust that has not been approved by the Financial Conduct Authority under the Financial Services and Markets Act 2000 (FSMA 2000). UUTs are most frequently deployed as property fund vehicles, though they can also serve as trading funds and as ‘pension fund pooling schemes’. This Practice Note covers:

the use of UUTs as property fund vehicles
UUTs contrasted with other non- or lightly regulated property fund vehicles
the use of UUTs as trading funds, and
a short overview of UUTs as pension fund pooling schemes

For the tax position of UUTs and their investors, see Practice Note: Taxation of unauthorised unit trusts.

UUTs as property fund vehicles

Historically, UUTs have most often been adopted as property fund platforms. A UUT will typically feature among the available choices when deciding how to organise a new property fund. This remains a standard consideration in fund structuring exercises at the planning stage too. The form of vehicle that...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Web page updated on 22/05/2026

Popular documents

Using the Judicial College Guidelines to assess general damages in personal injury claims

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Tomlin orders in England and Wales: CPR guidance on drafting, confidentiality, approval, variation, enforcement, limitation, CCA issues, court-specific requirements, sample wording and precedents

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Precedent: Deed of Surrender of Lease with Optional Premium, Settlement and Release, Landlord, Mortgagee and Guarantor Consents, Reimbursement and HM Land Registry Provisions (England and Wales)

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Precedent Statutory Declaration: Standard Wording under the Statutory Declarations Act 1835

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...