Part VII Other property, businesses, investments etc.
F1Registered pension schemes
239ADe-registration of registered pension schemes
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section 242 of the Finance Act 2004 (de-registration charge) where the registration of a registered pension scheme is withdrawn.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.
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)