Part 4 Other Provisions
Finance Act 2004 (2004 c 12) | Legislation

Part 4 Other Provisions

Pre-commencement ill-health insurance contracts

37

(1)     Payments under protected ill-health insurance contracts are not unauthorised member payments.

(2)     Ill-health insurance contracts are contracts providing insurance against a risk relating to non-payment by a member of a pension scheme of contributions under the pension scheme.

(3)     An ill-health insurance contract is protected if it was made before 6th April 2006 under—

(a)     a personal pension scheme approved under Chapter 4 of Part 14 of ICTA before 6th April 2001, or

(b)     an annuity contract or trust scheme approved under section 620 or 621 of ICTA or a substituted contract within the meaning of section 622(3) of ICTA.

[Pre-commencement holdings of taxable property

37A

(1)     This paragraph applies in relation to an investment-regulated pension scheme if—

(a)     on 6th April 2006 the pension scheme holds an interest in taxable property which it acquired before that date, and

(b)     immediately before that date the pension scheme was not prohibited from holding the interest in the property,

and, in a case where immediately before that date the interest in the property was held directly by a person other than the pension scheme, if the pension

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