Part 1 Denial of Relief for Contributions Paid During Period 29 November 2011 to 21 February 2012
Finance Act 2012 (2012 c 14) | Legislation

SCHEDULE 13 Employer Asset-Backed Pension Contributions etc

Section 48

Part 1 Denial of Relief for Contributions Paid During Period 29 November 2011 to 21 February 2012

1

In Chapter 4 of Part 4 of FA 2004 (registered pension schemes: tax reliefs and exemptions) after section 196A insert—

“196B Employer asset-backed contributions: denial of relief (1)

(1)     An employer (“Eâ€) is not to be given relief in respect of a contribution (“E's contributionâ€) paid by E under a registered pension scheme if conditions A, B and C are met.

(2)     Condition A is that—

(a)     under an arrangement (“the asset-backed arrangementâ€)—

(i)     a person (“the borrowerâ€) receives money or another asset (“the advanceâ€) from another person (“the lenderâ€),

(ii)     the borrower, or a person connected with the borrower, makes a disposal of an asset (“the securityâ€) to or for the benefit of the lender or a person connected with the lender, and

(iii)     the lender, or a person connected with the lender, is entitled to payments in respect of the security,

(b)     the borrower is E or a person connected with E, and

(c)     the advance is (wholly or partly) paid or provided by the lender out of E's contribution (directly

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Sentencing for rape

Sentencing for rapeThe Sentencing Council (SC) produces guidance on sentencing for courts in England and Wales in the form of offence specific sentencing guidelines for use in the magistrates’ court and the Crown Court. This Practice Note considers the approach to sentencing for the offences of rape

LEXISNEXIS

Collective investment schemes—essentials

Collective investment schemes—essentialsThis Practice Note examines the definition of a collective investment scheme (CIS) and available exemptions, and the treatment of regulated and unregulated CIS.Definition of a collective investment schemeThe definition of a CIS is contained in section 235 of

LEXISNEXIS

Financial Conduct Authority—Principles for Businesses (PRIN)

Financial Conduct Authority—Principles for Businesses (PRIN)This Practice Note explains the Principles for Businesses (PRIN) set down by the Financial Conduct Authority (FCA). The Principles form part of the FCA’s High Level Standards set out in the FCA’s Handbook. The Principles are a general

LEXISNEXIS

The British Franchise Association (BFA)

The British Franchise Association (BFA)This Practice Note examines the role and remit of the British Franchise Association (the BFA) in the franchise industry in the UK. It looks at the legislative and regulatory framework in the franchise industry, the membership criteria of the BFA, the BFA’s Code