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Finance Act 2004

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Changes over time for: Paragraph 37F

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Status:

Point in time view as at 06/04/2020.

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 2004, Paragraph 37F. Help about Changes to Legislation

[F137F(1)This paragraph applies where on or after 6th April 2006 an investment-regulated pension scheme acquires an interest in taxable property consisting of tangible moveable property because a person in whom the pension scheme directly or indirectly holds an interest comes to hold the interest in the property directly.U.K.

(2)The taxable property provisions (apart from this paragraph and paragraph 37G) do not apply in relation to the pension scheme and the interest in the property if the conditions in sub-paragraph (3) are met.

(3)Those conditions are that—

(a)on 6th April 2006 the pension scheme held the interest in the person by virtue of acquiring it before that date,

(b)immediately before that date the pension scheme was not prohibited from holding the interest in the person,

(c)at no time during the period beginning with that date and ending immediately before the acquisition of the interest in the property has the pension scheme's interest in the person been such that, if it had held that interest in the person immediately before 6th April 2006, it would have been prohibited from holding that interest at that time, and

(d)the person acquires the interest in the property so that the property may be used for the purposes of a trade, profession or vocation carried on by the person or for the purposes of its administration or management.

(4)This paragraph is subject to paragraph 37G.]

Textual Amendments

F1Sch. 36 paras. 37A-37I and cross-headings inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 15

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