Investment fund income is taxed to unit holders as if they held the underlying investments directly, with specific loss rules. Income of a unit holder in an investment fund is taxed as if the unit holder had made the underlying investments directly; fund business losses are retained by the fund for carry forward and ignored for pass through, non business losses tied to units held under twelve months are ignored for pass through, pre 1 April 2019 accumulated non business losses are deemed to be unit holder losses and may be carried forward by holders who held units on 31 March 2019, and income paid, credited or deemed credited by the fund retains the same nature and proportion in the hands of the unit holder.