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There are currently no known outstanding effects for the Finance Act 2004, Section 185I.
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(1)This section applies where by virtue of section 185F a pension scheme is to be treated as making a scheme chargeable payment which is to any extent attributable—
(a)to a chargeable gain treated by virtue of section 185G as accruing to another person on a disposal of a taxable asset, or
(b)to a gain treated by virtue of section 185H as accruing to the pension scheme as a result of another person disposing of an interest in a vehicle through which the pension scheme holds a taxable interest indirectly.
(2)Where—
(a)tax is payable in respect of the disposal by the person who makes the disposal, and
(b)that tax has been paid,
the amount determined under subsection (3) or (4) (as appropriate) is to be allowed as a credit against any income tax charged under section 239 in respect of the scheme chargeable payment.
(3)In a case within paragraph (a) of subsection (1), that amount is a proportion of the amount of tax paid and payable determined by reference to the proportion of the amount of consideration for the disposal that is apportioned under section 185G(7).
(4)In a case within paragraph (b) of subsection (1), that amount is the amount of tax paid and payable apportioned to the pension scheme by applying paragraphs 41 to 43 of Schedule 29A to it as if it were the total taxable amount in relation to an unauthorised payment treated as made—
(a)by the pension scheme,
(b)in connection with an acquisition of the taxable interest by the person disposing of the interest in the vehicle, and
(c)at the time of the disposal.
(5)Where—
(a)by virtue of this section an amount is allowed as a credit against income tax charged under section 239, and
(b)the amount of tax payable and paid by reference to which the amount of the credit was calculated is subsequently varied,
the amount of the credit is to be varied accordingly, and any necessary adjustments are to be made to give effect to the variation (whether by making assessments or otherwise).]
Textual Amendments
F1Ss. 185A-185I and cross-heading inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 6
Modifications etc. (not altering text)
C1Ss. 185A-185I restricted by S.I. 2006/207, reg. 4B (as inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes)(Amendment) Regulations 2006 (S.I. 2006/1960), reg. 9)
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