Simplified rules for computing reportable income apply to reporting funds that are fiscally transparent, for example certain unit trusts1– see INTM180030 for a list. The rules in Chs 4 to 6 of Pt 3 of the 2009 regulations do not apply to such funds2. The funds do not therefore have to prepare accounts or computations of reportable income as outlined in B5.716, B5.717 and the rules in B5.718 regarding transactions which are not treated as trading transactions do not apply.
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