# Finance Act 2004, Paragraph 21

Extent: E+W+S+N.I.

(1) This paragraph applies to a vehicle in which a pension scheme directly or indirectly holds an interest where—
(a) the vehicle's main activity is the carrying on of a trade, profession or vocation,
(b) the pension scheme does not, whether alone or together with one or more associated persons, have control of the vehicle, and
(c) neither a member of the pension scheme nor a person connected with such a member is a controlling director of the vehicle or any other vehicle which holds an interest in the vehicle directly or indirectly.
(2) But this paragraph does not apply if the purpose or one of the purposes for which the pension scheme holds the interest in the vehicle is to enable a member of the pension scheme or a person connected with such a member to occupy or use the property.
(3) In sub-paragraph (1)—
(a) “control” has the same meaning as in sections 450 and 451 of the Corporation Tax Act 2010 (reading references in those sections to a company as references to the vehicle and references to associates as including associated persons), and
(b) “controlling director”, in relation to a vehicle, means a director to whom section 452(2)(b) of that Act applies (reading the reference to associates in section 452(3) of that Act as including associated persons).
(4) For the purposes of this paragraph a pension scheme or an arrangement under a pension scheme has control of a vehicle if the pension scheme or the arrangement holds such interest as would, if the pension scheme or the arrangement were a person, mean that the person had control of the vehicle.
(5) Section 1122 of the Corporation Tax Act 2010 (connected persons) applies for the purposes of this paragraph.
(6) For the definition of “associated person” see paragraph 30.

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Source: https://www.legislation.gov.uk/ukpga/2004/12/schedule/29A/paragraph/21 (the official version)
Page: https://openlegislation.uk/finance-act-2004/schedule-29A/paragraph-21
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.