In-specie distribution of assets upon winding-up of a unit trust

Whether the in-specie distribution by the Unit Trust of its assets to the Unitholder in the course of winding up is a non-taxable distribution under ss CD 26 and CD 44 of the Income Tax Act 2007.

Income Tax: dividend; in-specie distribution of assets; winding-up of unit trust; on the liquidation of a company.