SCHEDULES

SCHEDULE 20Pension schemes etc: miscellaneous

Taxable property held by investment-regulated pension schemes: indirect holdings in REITs

14

1

Schedule 29A (taxable property held by investment-regulated pension schemes) is amended as follows.

2

In paragraph 20(1)(b) (indirect holdings: introduction to exception for REITs), for “paragraph 22 makes” substitute “ paragraphs 22, 24 and 25 make ”.

3

In paragraph 22 (REITs)—

a

in sub-paragraph (1), after paragraph (b) insert— “ and paragraph 24 applies to the pension scheme's interest in the vehicle. ”, and

b

omit sub-paragraph (2).

4

In paragraph 24(1) (conditions applying for paragraph 23), for “paragraph 23” substitute “ paragraphs 22 and 23 ”.

5

In paragraph 25(2) (provisions supplementing paragraph 24), for “23(1)” substitute “ 22 or 23 ”.