Part VII U.K. Other property, businesses, investments etc.

[F1 Retirement benefits schemes U.K.

Textual Amendments

F1 S. 239A and cross-heading inserted (with application in accordance with s. 61(3) of the amending Act) by Finance Act 1995 (c. 4), s. 61(2)

239A Cessation of approval of certain schemes. U.K.

(1) This section applies where tax is charged in accordance with section 591C of the Taxes Act (tax on certain retirement benefits schemes whose approval ceases to have effect).

(2) For the purposes of this Act the assets which at the relevant time are held for the purposes of the scheme—

(a) shall be deemed to be acquired at that time for a consideration equal to the amount on which tax is charged by virtue of section 591C(2) of the Taxes Act by the person who would be chargeable in respect of a chargeable gain accruing on a disposal of the assets at that time; but

(b) shall not be deemed to be disposed of by any person at that time;

and in this subsection “the relevant time” means the time immediately before the date of the cessation of the approval of the scheme.

(3) Expressions used in subsection (2) above and in section 591C of the Taxes Act have the same meanings in that subsection as in that section.]