Taxes Consolidation Act 1997 Schedule 18 paragraph 2

Collective investment undertaking statement

Schedule 18 paragraph 2 requires a collective investment undertaking to provide a unit holder with a detailed statement each time it makes a relevant payment from which tax has been, or would have been, deducted.

• When a collective investment undertaking (other than a specified collective investment undertaking) makes a relevant payment to a unit holder, it must give the unit holder a written statement.
• The statement must show the gross payment, the total tax deducted (including any amounts offset under the "appropriate tax" definition), the net payment, and the date of payment.
• The statement must also include any additional information needed to enable the unit holder to determine the correct amount of tax payable or repayable in respect of the payment.
• The obligation to provide the statement applies whether appropriate tax was actually deducted or was reduced to nil by the offset of other tax amounts already suffered on the underlying income.