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Finance Act 2004

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This is the original version (as it was originally enacted).

183Effect of unauthorised borrowing: money purchase arrangements

(1)Subsection (2) applies if a registered pension scheme borrows in respect of a money purchase arrangement an amount which it is not authorised to borrow under section 182.

(2)The pension scheme is to be treated as having made a scheme chargeable payment—

(a)if subsection (3) applies, of an amount calculated in accordance with subsection (4), and

(b)otherwise, of the amount borrowed.

(3)This subsection applies if, immediately before the amount is borrowed—

Formula - APB is less than (VA divided by 2)

(4)If subsection (3) applies, the amount of the scheme chargeable payment is—

Formula - APB plus AB minus (VA divided by 2)

(5)In subsections (3) and (4)—

  • APB is the aggregate of the amounts previously borrowed in respect of the arrangement (excluding any amounts which have been repaid),

  • AB is the amount borrowed, and

  • VA is the value of the arrangement, calculated in accordance with section 182(3), immediately before the amount is borrowed.

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