174ATaxable property held by investment-regulated pension schemes

1

An investment-regulated pension scheme is to be treated as making an unauthorised payment to a member of the pension scheme if—

a

the pension scheme acquires an interest in taxable property, and

b

the interest is held by the pension scheme for the purposes of an arrangement under the pension scheme relating to the member.

2

An investment-regulated pension scheme is to be treated as making an unauthorised payment to a member of the pension scheme if—

a

an interest in taxable property is held by the pension scheme for the purposes of an arrangement under the pension scheme relating to the member, and

b

the property is improved.

3

An investment-regulated pension scheme is to be treated as making an unauthorised payment to a member of the pension scheme if—

a

an interest in property which is not residential property is held by the pension scheme for the purposes of an arrangement under the pension scheme relating to the member, and

b

the property is converted or adapted to become residential property.

4

Schedule 29A makes provision supplementing this section; and in that Schedule—

a

Part 1 defines “investment-regulated pension scheme”,

b

Part 2 defines “taxable property” (and “residential property”),

c

Part 3 explains what it means to acquire, and to hold, an interest in taxable property, and

d

Part 4 contains provision for calculating the amounts of unauthorised payments treated as made by this section and explains when the unauthorised payments are treated as made.