SCHEDULES

F1SCHEDULE 29ATaxable property held by investment-regulated pension schemes

Annotations:
Amendments (Textual)
F1

Sch. 29A inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 13

Part 4Amount and timing of unauthorised payment

Acquisition: further provisions

C1C233

1

This paragraph applies where—

a

an investment-regulated pension scheme acquires an interest in taxable property because it acquires a chargeable interest in the property within the meaning of section 48(1) of the Finance Act 2003,

b

the interest is acquired because the pension scheme or another person comes to hold the interest directly, and

c

the whole or part of the consideration for the interest is consideration other than rent.

2

The provisions of the Finance Act 2003 listed in sub-paragraph (3) apply for determining the amount of the consideration (or the part that is not rent) as they apply for determining the amount of chargeable consideration for a land transaction for the purposes of Part 4 of that Act.

3

Those provisions are—

a

paragraphs 2 to 8 and 9 to 16 of Schedule 4 (chargeable consideration);

b

section 51 (contingent, uncertain or unascertained consideration);

c

section 52 (annuities etc: chargeable consideration limited to twelve years' payments).

4

The Treasury may by regulations provide—

a

for those provisions to apply with modifications to cases to which this paragraph applies, and

b

for any other provisions of Part 4 of the Finance Act 2003 to apply (with or without modifications) to such cases.