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of <h1>Unit holder income from investment funds taxed in holder's hands; fund losses largely ignored for pass-through rules</h1> Where a person is a unit holder of an investment fund, income attributable to their units is taxed in their hands as if they had invested directly; income paid or credited is deemed to be of the same nature and proportion as it was to the fund. Fund-level business losses are carried forward by the fund and ignored for pass-through; other losses are ignored for pass-through if the unit was held under 12 months. Losses accumulated at the fund as of 31 March 2019 are deemed the unit holder's and may be carried forward by them. The fund's total income is taxed at company/firm rates or the maximum marginal rate otherwise. Funds and payors must furnish prescribed statements. Definitions of investment fund, trust and unit are specified.
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