Paragraph 28 F1

(1)

Subject to paragraph 29, this paragraph applies where—

(a)

an investment-regulated pension scheme holds an interest in taxable property indirectly, and

(b)

there is an increase in the extent of the interest held directly in a vehicle by the pension scheme or another vehicle.

(2)

The pension scheme is to be treated for the purposes of this Schedule as—

(a)

having disposed of the interest in the property immediately before the increase in the extent of the interest in the vehicle, and

(b)

having re-acquired the interest immediately afterwards.

(3)

The extent of the interest held directly in a vehicle by a person is to be determined for the purposes of this paragraph and paragraph 29 in accordance with paragraphs 42 and 43.

Annotations

Textual amendments

F1: Sch. 29A inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 13