[F137C(1)This paragraph applies where—U.K.
(a)on 6th April 2006 an investment-regulated pension scheme holds an interest in taxable property which it acquired before that date, and
(b)immediately before that date the pension scheme was prohibited from holding the interest.
(2)This paragraph also applies where—
(a)on 6th April 2006 an investment-regulated pension scheme holds an interest in taxable property indirectly which it acquired before that date, and
(b)immediately before that date the pension scheme was prohibited from holding the interest it held in the person that held the interest in the property directly at that time.
(3)The pension scheme is to be treated for the purposes of the taxable property provisions as acquiring the interest in the property on 6th April 2006.
(4)For the purposes of Schedule 29A the total taxable amount in relation to any unauthorised payment which the pension scheme is treated as having made by reason of the acquisition is—
(a)the market value on 6th April 2006 of the interest in the property held by the person who holds it directly, or
(b)if the interest in the property is a lease at a rent, the amount of consideration that would be treated as given by the person for the lease by virtue of paragraph 34 of Schedule 29A if it were assigned to the person on that date.
(5)Where—
(a)the pension scheme holds the interest in the property directly, and
(b)the interest is not a lease at a rent,
for the purposes of section 185G (gains from taxable property: disposal by person holding directly) the pension scheme is to be treated as having acquired the interest for a consideration equal to its market value on 6th April 2006.]
Textual Amendments
F1Sch. 36 paras. 37A-37I and cross-headings inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 15