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Status:
Point in time view as at 18/11/2024.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2004, Section 185.

Changes to Legislation
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185Effect of unauthorised borrowing: other arrangementsU.K.
(1)Subsection (2) applies if a registered pension scheme borrows, in respect of an arrangement which is not a money purchase arrangement, an amount which it is not authorised to borrow under section 184.
(2)The pension scheme is to be treated as having made a scheme chargeable payment—
(a)if subsection (3) applies, of an amount calculated in accordance with subsection (4), and
(b)otherwise, of the amount borrowed.
(3)This subsection applies if, immediately before the amount is borrowed—
(4)If subsection (3) applies, the amount of the scheme chargeable payment is—
(5)In subsections (3) and (4)—
APB is the aggregate of the amounts previously borrowed by the pension scheme in respect of arrangements which are not money purchase arrangements (excluding any amounts which have been repaid),
AB is the amount borrowed, and
AARA is the aggregate amount of the relevant sums and assets, calculated in accordance with section 184(3), immediately before the amount is borrowed.
Modifications etc. (not altering text)
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