Taxation of Chargeable Gains Act 1992, Cross Heading: Registered pension schemes
is up to date with all changes known to be in force on or before 10 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Textual Amendments
F1 S. 239A and cross-heading substituted for ss. 239A, 239B (6.4.2006) by Finance Act 2004 (c. 12), s. 284(1), Sch. 35 para. 40 (with Sch. 36)
(1)This section applies where tax is charged in accordance with section 242 of the Finance Act 2004 (de-registration charge) where the registration of a registered pension scheme is withdrawn.
(2)For the purposes of this Act the assets which at the relevant time are held for the purposes of the pension scheme—
(a)are treated as having been acquired at the relevant time for a consideration equal to the amount on which tax is charged by virtue of section 242 of the Finance Act 2004 by the person who would be chargeable in respect of a chargeable gain accruing on a disposal of the assets at the relevant time, and
(b)are not to be treated as having been disposed of by any person at the relevant time.
(3)In subsection (2) “the relevant time” means the time immediately before the date of withdrawal of registration of the pension scheme.]
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