# The Investment-regulated Pension Schemes (Exception of Tangible Moveable Property) Order 2006, Note: Explanatory note


(This note is not part of the Order)
Section 158 of and Schedule 21 to the Finance Act 2006 introduce provisions (contained in Schedule 29A to the Finance Act 2004) relating to registered pension schemes, where the member or related persons can influence the choice of investments (“investment-regulated pension schemes”). Where such a scheme acquires an interest in residential property or tangible moveable property, tax charges arise.
Paragraph 11 of Schedule 29A gives the Treasury power to make Orders excluding any description of property from the category of tangible moveable property for the purposes of those provisions.
This Order excludes two kinds of property. The first is investment grade gold bullion. The second is property, not worth more than £6,000, held by an investment vehicle, in which the relevant pension scheme holds a direct or indirect interest, where the item of property is used solely for the purposes of the administration or management of the vehicle.
Article 1 of this Order provides for citation, commencement, effect and interpretation. The power to make the retrospective provision made by Article 1(2) is conferred by paragraph 11(2) of Schedule 29A to the Finance Act 2004.
Article 2 excludes the two kinds of property from the category of tangible moveable property.
The Board of Inland Revenue published a regulatory impact assessment covering the provisions of Part 4 of the Finance Act 2004, and subordinate legislation under it, on 8th April 2004. That assessment, and an Appendix covering later legislative changes, are available on the Revenue and Customs website at www.hmrc.gov.uk/ria/simplifying-pensions.pdf.

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Source: https://www.legislation.gov.uk/uksi/2006/1959/note (the official version)
Page: https://openlegislation.uk/investment-regulated-pension-schemes-exception-of-tangible-moveable-property-order-2006/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.