181 Value shifting
Finance Act 2004 (2004 c 12) | Legislation

Unauthorised employer payments

181  Value shifting

(1)     A registered pension scheme that is an occupational pension scheme is to be treated as having made an unauthorised payment to a [person who is or has been a] sponsoring employer if, in connection with any of the events mentioned in subsection (2) or a change in the value of a currency—

(a)     the value of an asset held for the purposes of the pension scheme is reduced or a liability of the pension scheme is increased, and

(b)     the value of an asset

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