- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (19/03/2014)
- Gwreiddiol (Fel y'i Deddfwyd)
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There are currently no known outstanding effects for the Finance Act 2004, Paragraph 37H.
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[F137H(1)This paragraph applies where on or after 6th April 2006 an investment-regulated pension scheme acquires an interest in taxable property consisting of residential 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 37I) 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)immediately before that date the person had a business involving the holding and letting of residential property and held directly five or more assets consisting of interests in residential property for the purposes of that business,
(d)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,
(e)the person acquires the interest in the property for the purposes of its property rental business, and
(f)after the acquisition of the interest in the property, the property is not occupied or used by a member of the pension scheme or a person connected with such a member.
(4)This paragraph is subject to paragraph 37I.
(5)[F2Section 1122 of the Corporation Tax Act 2010] (connected persons) applies for the purposes of this paragraph.]
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
F2Words in Sch. 36 para. 37H(5) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 432(4) (with Sch. 2)
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