SCHEDULES
SCHEDULE 30Registered pension schemes: employer loans
Amount of unauthorised payment
Amount 2
I113
1
Amount 2 arises if paragraph (b) of section 179 (1) (loan must be secured by charge of adequate value) is not complied with.
2
Amount 2 is—
where—
AO is the amount owing (including interest) at the relevant time, and
VA is the market value at that time of the assets charged but if the loan is not secured by a charge, or is secured by a charge which does not meet condition C (as defined in paragraph 1), is nil.