# Finance Act 2004, Paragraph 44


(1) This paragraph applies where an investment-regulated pension scheme is treated as acquiring an interest in taxable property by virtue of paragraph 28 (increase in extent of interest in vehicle).
(2) The amount of the unauthorised payment treated as made by the pension scheme is—
UP-UPBWhere—
UP is the amount that would have been the amount of the unauthorised payment apart from this paragraph; and
UPB is the amount that would have been the amount of any unauthorised payment treated as made by the pension scheme if it had acquired the interest in the property immediately before the increase in the extent of the interest in the vehicle (assuming the total taxable amount in relation to the unauthorised payment to be that given under paragraph 32(5)).

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Source: https://www.legislation.gov.uk/ukpga/2004/12/schedule/29A/paragraph/44 (the official version)
Page: https://openlegislation.uk/finance-act-2004/schedule-29A/paragraph-44
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.