SCHEDULE 21 Taxable Property Held by Investment-regulated Pension Schemes
Finance Act 2006 (2006 c 25) | Legislation

SCHEDULE 21 Taxable Property Held by Investment-regulated Pension Schemes

Section 158

1

In section 271 of TCGA 1992 (exemptions), after subsection (1A) insert—

“(1B)     But subsection (1A) does not prevent such a gain from being treated as a chargeable gain for the purposes of sections 185F to 185I of the Finance Act 2004 (scheme chargeable payments: gains from taxable property).â€

2

Part 4 of FA 2004 (pension schemes) is amended as follows.

3

(1)     Section 160 (payments by registered pension schemes) is amended as follows.

(2)     After subsection (7) insert—

“(7A)     Sections 185A to 185I contain provision about the receipt of income and gains from taxable property.â€

(3)     In subsection (8), after “borrowing†insert “and the receipt of income and gains from taxable property.â€

4

In section 173 (benefits), after subsection (7) insert—

“(7A)     This section does not apply if—

(a)     the pension scheme is an investment-regulated pension scheme, and

(b)     the asset consists of taxable property.â€

5

After section 174 insert—

“174A Taxable 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)

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