Textual Amendments
F1Sch. 29A inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 13
24(1)For the purposes of paragraph 23 this paragraph applies to the interest held directly or indirectly by a pension scheme in a vehicle where—U.K.
(a)Condition A is met, and
(b)Condition B or C is met.
(2)Condition A is that the pension scheme does not hold the interest in the vehicle for the purpose of enabling a member of the pension scheme or a person connected with such a member to occupy or use the property.
(3)Condition B is that—
(a)the pension scheme is an occupational pension scheme, and
(b)the pension scheme does not, either alone or together with one or more associated persons, directly or indirectly hold an interest in the vehicle to which sub-paragraph (5) applies.
(4)Condition C is that—
(a)the pension scheme is not an occupational pension scheme, and
(b)no arrangement under the pension scheme, either alone or together with one or more associated persons, directly or indirectly holds an interest in the vehicle to which sub-paragraph (5) applies.
(5)This sub-paragraph applies to the following interests—
(a)10% or more of the share capital or issued share capital of the vehicle;
(b)10% or more of the voting rights in the vehicle;
(c)a right to receive 10% or more of the income of the vehicle;
(d)such interest in the vehicle as gives an entitlement to 10% or more of the amounts distributed on a distribution in relation to the vehicle;
(e)such interest in the vehicle as gives an entitlement to 10% or more of the assets of the vehicle on a winding-up or in any other circumstances;
(f)such interest in the vehicle as gives rise to income or gains from a specific property.
(6)Section 839 of ICTA (connected persons) applies for the purposes of this paragraph.
(7)For the definition of “associated person” see paragraph 30.]