New definition of managed investment trust
5 July 2010
The ongoing story of the project to reform the taxation of managed investment trusts (‘MITs’) has yet another chapter. On 24 June, Parliament passed a Bill which made significant amendments to the definition of a MIT, broadening the former provision in some respects but also adding important new restrictions. The Bill has received Royal Assent and is now law. This Tax Brief examines the new definition and how it has changed the range of trusts that are eligible to access the MIT withholding tax and CGT election concessions. For our full Tax Brief - click here