Section 10

in subsection (1), by substituting for the semicolon at the end of paragraph (b) a colon;

in subsection (1), by inserting, below paragraph (b), the following proviso:

“Provided that in the case of a unit trust, gains arising from the realization of investments shall not be treated as income of the trust body of the trust;”;

by inserting, after subsection (1), the following subsection:

“(1A) Notwithstanding paragraphs (1)(c) and (d), a unit holder of a unit trust shall be assessed and charged to tax in respect of income equivalent to an amount ascertained by reference to his share of the total income of the unit trust for a year of assessment, distributed to him by the unit trust in the basis year for that year of assessment:

Provided that the unit holder shall not be assessed and charged to tax in respect of any amount distributed by the unit trust out of exempt income or the gains referred to in the proviso to paragraph 61(1)(b).”.

New sections 63A and 63B