SCHEDULES
F1SCHEDULE 29ATaxable property held by investment-regulated pension schemes
Part 3Acquisition and holding of taxable property
Exceptions to indirect holding
24
1
For the purposes of F2paragraphs 22 and 23 this paragraph applies to the interest held directly or indirectly by a pension scheme in a vehicle where—
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
F3Section 1122 of the Corporation Tax Act 2010 (connected persons) applies for the purposes of this paragraph.
7
For the definition of “associated person” see paragraph 30.
Sch. 29A inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 13