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of <h1>Investor in securitisation trust taxed on income as if directly invested; deemed credited year-end; trustee must report</h1> Income received by an investor of a securitisation trust is taxed as if the investor had made the underlying investments directly; the income's character and proportion are the same in the investor's hands as in the trust. Income of the trust not paid or credited to an investor during the tax year is deemed credited to that investor on the last day of the tax year in the proportion of entitlement. The trustee and payor must furnish prescribed statements to the investor and tax authority. Amounts taxed as accrued in one year are not taxed again when actually paid. Definitions for investor, securities, securitised debt instruments, securitisation trust and security receipts are prescribed.
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