[F135(1)This paragraph applies where—U.K.
(a)an investment-regulated pension scheme acquires an interest in taxable property because the pension scheme or another person comes to hold the interest directly,
(b)the interest is acquired for less than its market value, and
(c)immediately before the acquisition the interest was held by a registered pension scheme which was not an investment-regulated pension scheme.
(2)This paragraph also applies where—
(a)an investment-regulated pension scheme acquires an interest in taxable property because the pension scheme or another person comes to hold the interest directly,
(b)the interest is acquired for less than its market value, and
(c)tax relief is available under section 188 or 196 in respect of the transfer of the interest.
(3)The amount of the consideration for the interest is treated as—
(a)the market value, at the date the interest is acquired, of the interest in the property held by the person who holds it directly, or
(b)if the interest in the property is a lease at a rent, the amount of consideration that would be treated as given by the person for the lease by virtue of paragraph 34 if it were assigned to the person at that time.]
Textual Amendments
F1Sch. 29A inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 13