unauthorised unit trust
unauthorised unit trust (UUT)
A unit trust established in the UK which is not authorised by the Financial Services Authority and consequently not subject to limitations on investment powers (apart from any restrictions contained in the trust deeds). If a UUT is UK resident it will generally be taxed on its capital gains as if it were a UK resident company (section 99, Taxation of Chargeable Gains Act 1992). Consequently, there will be an intermediate tax charge at the level of the trust on disposal of its investments which reduces its attractiveness to potential investors.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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