[Part 3 Acquisition and Holding of Taxable Property]
Finance Act 2004 (2004 c 12) | Legislation

[Part 3 Acquisition and Holding of Taxable Property]

[Acquisition

12

(1)     For the purposes of the taxable property provisions an investment-regulated pension scheme acquires an interest in property if it comes to hold the interest.

(2)     Sub-paragraph (1) applies however the pension scheme comes to hold the interest, whether that is—

(a)     by act of the parties to a transaction,

(b)     by order of a court or other authority,

(c)     by or under any statutory provision, or

(d)     by operation of law.

(3)     For instances of deemed acquisition, see paragraphs 27 to 29.

Holding

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(1)     For the purposes of the taxable property provisions an investment-regulated pension scheme holds an interest in property if the scheme holds the interest directly or indirectly.

(2)     In the taxable property provisions references to a person holding an interest in property include, in the case of—

(a)     an investment-regulated pension scheme,

(b)     an arrangement under a pension scheme, or

(c)     a trust which is not a pension scheme,

references to the interest in the property being held for the purposes of the pension scheme, the arrangement or the trust.

Direct holding

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(1)     For the

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