SCHEDULES

SCHEDULE 30Registered pension schemes: employer loans

Amount of unauthorised payment

Amount C

I116

1

Amount C arises if paragraph (c) of section 179(2) (amount payable for a period to be not less than required amount) is not complied with and is calculated as follows.

2

In relation to each period beginning with the date on which the loan is made and ending with the last day of a loan year, calculate—

RA-APmath

where—

RA is the required amount in relation to that period, and

AP is the amount payable during that period.

3

If an amount calculated under sub-paragraph (2) is negative, treat that amount as nil.

4

Amount C is the largest of the amounts calculated under sub-paragraph (2).