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Finance Act 2004

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Changes over time for: Section 185F

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Changes to legislation:

There are currently no known outstanding effects for the Finance Act 2004, Section 185F. Help about Changes to Legislation

[F1185FGains from taxable propertyU.K.

(1)An investment-regulated pension scheme is to be treated as having made a scheme chargeable payment where—

(a)in a tax year the pension scheme holds an interest in property which is taxable property or which has been taxable property at any time whilst the interest has been held by the pension scheme (a “taxable interest”),

(b)a gain is treated as accruing to the pension scheme in respect of the taxable interest in the tax year, and

(c)the total amount of gains treated as accruing to the pension scheme in respect of taxable interests in the tax year exceeds the total amount of losses treated as accruing to the pension scheme in respect of taxable interests in the tax year.

(2)The amount of the scheme chargeable payment is an amount equal to the difference between—

(a)the total amount of gains treated as accruing to the pension scheme in respect of taxable interests in the tax year, and

(b)the total amount of losses treated as accruing to the pension scheme in respect of taxable interests in the tax year,

(but this is subject to section 185G(10)).

(3)A gain or loss is treated as accruing to a pension scheme in respect of a taxable interest in a tax year if—

(a)by virtue of section 185G a chargeable gain or allowable loss is treated for the purposes of this section as accruing in the tax year to the person who holds the taxable interest directly, or

(b)in the tax year the pension scheme or another vehicle ceases to hold all or part of an interest in a vehicle through which the pension scheme holds the taxable interest indirectly (see section 185H).]

Textual Amendments

F1Ss. 185A-185I and cross-heading inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 6

Modifications etc. (not altering text)

C1Ss. 185A-185I restricted by S.I. 2006/207, reg. 4B (as inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes)(Amendment) Regulations 2006 (S.I. 2006/1960), reg. 9)

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