Section 196I | [ Employer Asset-Backed Contributions: Change In Lender's Original Position Under Acceptable Structured Finance Arrangement Etc] | Finance Act 2004 C12

[196I Employer asset-backed contributions: change in lender's original position under acceptable structured finance arrangement etc]

Finance Act 2004 (2004 c 12) | Legislation

[196I Employer asset-backed contributions: change in lender's original position under acceptable structured finance arrangement etc]

[(1) This section applies if—

(a) an employer (“E”) pays a contribution (“E's contribution”) under a registered pension scheme,

(b) conditions A and C in section 196B are met or condition A in section 196D or 196F is met,

(c) the asset-backed arrangement is an acceptable structured finance arrangement for the purposes of section 196B, 196D or 196F (as the case may be) and, accordingly, condition B in that section is not met, and

(d) at any time (“the relevant time”) after the advance is paid—

(i) the lender's position changes from the lender's original position in any respect (whether as a result of a term of the asset-backed arrangement or another arrangement or otherwise),

(ii) an event occurs or does not occur and the occurrence or non-occurrence of the event does not accord with the lender's original position in any respect,

(iii) in accordance with generally accepted accounting practice, the recorded financial liability is reduced to nil other than by a payment mentioned in section 196B(2)(a)(iii), 196D(2)(g) or section 196F(2)(e) (as the case may be),

(iv)