SCHEDULES

F1SCHEDULE 29ATaxable property held by investment-regulated pension schemes

Annotations:
Amendments (Textual)
F1

Sch. 29A inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 13

Part 4Amount and timing of unauthorised payment

Acquisition: further provisions

C1C234

1

This paragraph applies where—

a

an investment-regulated pension scheme acquires an interest in taxable property because it acquires a chargeable interest in the property within the meaning of section 48(1) of the Finance Act 2003,

b

the interest is acquired because the pension scheme or another person comes to hold the interest directly, and

c

the whole or part of the consideration for the acquisition is rent.

2

The amount of the consideration (or the part that is rent) is to be taken to be the relevant rental value of the property; and paragraphs 2(4)(a), 3 and 8 of Schedule 5 (rent) to the Finance Act 2003 apply for determining that value.

3

The following provisions of the Finance Act 2003 apply for the purposes of sub-paragraph (2) for determining the amount of rent payable as they apply for determining the amount of rent payable under a lease to which that Act applies—

a

paragraphs 2, 5 to 7A, 9 and 16 of Schedule 17A (further provisions relating to leases);

b

(subject to the provisions mentioned in paragraph (a)) the provisions mentioned in paragraph 33(3).

4

The Treasury may by regulations provide—

a

for the provisions mentioned in sub-paragraph (2) or (3) to apply with modifications to cases to which this paragraph applies, and

b

for any other provisions of Part 4 of the Finance Act 2003 to apply (with or without modifications) to such cases.

5

For the purposes of this paragraph where on an assignment of a lease the assignee assumes the obligation to pay rent, the assumption counts as consideration for the assignment.