{
  "url": "https://openlegislation.uk/finance-act-2004/section-185",
  "json_url": "https://openlegislation.uk/finance-act-2004/section-185.json",
  "legislation": "ukpga/2004/12",
  "legislation_title": "Finance Act 2004",
  "legislation_url": "https://openlegislation.uk/finance-act-2004",
  "path": "section/185",
  "kind": "section",
  "number": "185",
  "heading": "Effect of unauthorised borrowing: other arrangements",
  "text": "(1) Subsection (2) applies if a registered pension scheme borrows, in respect of an arrangement which is not a money purchase arrangement, an amount which it is not authorised to borrow under section 184.\n(2) The pension scheme is to be treated as having made a scheme chargeable payment—\n(a) if subsection (3) applies, of an amount calculated in accordance with subsection (4), and\n(b) otherwise, of the amount borrowed.\n(3) This subsection applies if, immediately before the amount is borrowed—\nAPB<AARA2\n(4) If subsection (3) applies, the amount of the scheme chargeable payment is—\nAPB+AB-AARA2\n(5) In subsections (3) and (4)—\nAPB is the aggregate of the amounts previously borrowed by the pension scheme in respect of arrangements which are not money purchase arrangements (excluding any amounts which have been repaid),\nAB is the amount borrowed, and\nAARA is the aggregate amount of the relevant sums and assets, calculated in accordance with section 184(3), immediately before the amount is borrowed.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "C",
      "label": "C1",
      "text": "Ss. 182-185 excluded (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 16"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2004/12/section/185",
    "retrieved_at": "2026-10-28T17:08:09.921968+00:00",
    "licence": "OGL-UK-3.0",
    "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
    "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
  }
}