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Finance Act 2004

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Changes over time for: Paragraph 45

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Point in time view as at 25/05/2007.

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 2004, Paragraph 45. Help about Changes to Legislation

[F145(1)This paragraph has effect for determining—U.K.

(a)whether the whole of an unauthorised payment treated as made by a pension scheme is to be treated as made to a member of the scheme, and

(b)if not, how much of the unauthorised payment is to be treated as made to the member.

(2)If the interest in the taxable property which gives rise to the unauthorised payment is held by the pension scheme for the purposes of—

(a)the arrangement under the pension scheme relating to the member, and

(b)at least one other arrangement under the pension scheme,

the unauthorised payment is to be apportioned on a just and reasonable basis between all of the arrangements for the purposes of which the interest in the property is held.

(3)Otherwise, the whole of the unauthorised payment is to be treated as made to the member.]

Textual Amendments

F1Sch. 29A inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 13

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