Finance Act 2004

[F1 196K Employer asset-backed contributions: “advances” under acceptable structured finance arrangements U.K.

(1) This section applies if—

(a) an employer pays a contribution under a registered pension scheme,

(b) condition A in section 196B, 196D or 196F is met,

(c) the asset-backed arrangement is an acceptable structured finance arrangement for the purposes of section 196B, 196D or 196F (as the case may be) and, accordingly, condition B in that section is not met, and

(d) the advance gives rise to a loan within the meaning of Chapter 3 (see section 162).

(2) Section 180(4) does not prevent the advance from being a scheme administration employer payment (if it would otherwise do so).

(3) In this section “the advance” and “the asset-backed arrangement” have the same meaning as in section 196B, 196D or 196F (as the case may be).]

Textual Amendments

F1 Ss. 196B-196L inserted (with effect in accordance with Sch. 13 para. 17 of the amending Act) by Finance Act 2012 (c. 14), Sch. 13 para. 15 (with Sch. 13 Pt. 4) (and see also, as to denial of relief for contributions paid during the period 29.11.2011 to 21.2.2012, the ss. 196B-196J inserted by Finance Act 2012 (c. 14), Sch. 13 paras. 1, 3 (with Sch. 13 Pt. 2))