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Finance Act 2004
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Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 255(1)(h) and word inserted by S.I. 2024/1012 reg. 5(3)(b)
- Sch. 29 para. 13(1)(d) amendment to earlier transitional provisions 2024 c. 3, Sch. 9 paras. 125-132A by S.I. 2024/1012 reg. 17
- Sch. 33 para. 4(1)(d) amendment to earlier transitional provisions 2024 c. 3, Sch. 9 paras. 125-132A by S.I. 2024/1012 reg. 17
- Sch. 36 para. 12A inserted by S.I. 2024/1012 reg. 8(5)
- Sch. 36 para. 19(1C) inserted by S.I. 2024/1012 reg. 8(7)(b)
- Sch. 36 para. 20H and cross-heading inserted by S.I. 2024/1012 reg. 8(16)
- Sch. 36 para. 28(A1) inserted by S.I. 2024/1012 reg. 8(19)
- Sch. 36 para. 20A(3)(3A) substituted for Sch. 36 para. 20A(3) by S.I. 2024/1012 reg. 8(9)(b)
- Sch. 36 para. 20B(2)(2A) substituted for Sch. 36 para. 20B(2) by S.I. 2024/1012 reg. 8(10)(b)
- Sch. 36 para. 20E(4)(4A) substituted for Sch. 36 para. 20E(4) by S.I. 2024/1012 reg. 8(13)(b)
- Sch. 36 para. 20E(10)(a) words omitted by S.I. 2024/1012 reg. 8(13)(d)
184Unauthorised borrowing: other arrangementsU.K.
(1)A registered pension scheme is not authorised to borrow an amount in respect of any [F1relevant arrangement] unless the scheme borrowing condition is met.
[F2(1A)In this section “relevant arrangement” means an arrangement that—
(a)is not a money purchase arrangement, or
(b)is a collective money purchase arrangement.]
(2)The scheme borrowing condition is met if—
where—
APB is the aggregate of the amounts previously borrowed by the pension scheme in respect of [F3relevant arrangements] (excluding any amounts which have been repaid),
PB is the amount proposed to be borrowed by the pension scheme, and
AARA is the aggregate amount of the relevant sums and assets.
(3)The aggregate amount of the relevant sums and assets is the aggregate of—
(a)the amount of the sums held for the purposes of such of the arrangements under the pension scheme as are [F4relevant arrangements], and
(b)the market value of the assets held for the purposes of such of the arrangements under the pension scheme as are [F5relevant arrangements].
Textual Amendments
F1Words in s. 184(1) substituted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 8(2), 25(1); S.I. 2022/874, reg. 2
F2S. 184(1A) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 8(3), 25(1); S.I. 2022/874, reg. 2
F3Words in s. 184(2) substituted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 8(4), 25(1); S.I. 2022/874, reg. 2
F4Words in s. 184(3)(a) substituted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 8(5), 25(1); S.I. 2022/874, reg. 2
F5Words in s. 184(3)(b) substituted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 8(5), 25(1); S.I. 2022/874, reg. 2
Modifications etc. (not altering text)
C16Ss. 182-185 excluded (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 16
Commencement Information
I1Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284
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