ITC has developed a unit trust structure for use in conjunction with its self-administered schemes. The unit trust is an umbrella unit trust which contains a range of sub funds.  These are termed “series trust” in the formal documentation. The unit trust has been approved by the Revenue Commissioners under section 731(5) of the Taxes Consolidation Act 1997. In essence the unit trust is exempt from income tax and CGT as long as all investors in the unit trust are tax-exempt entities.