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The Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-administered Schemes) Regulations 1991

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Provisions as to investments

5.—(1) The description of provision specified in this regulation is a provision to the effect that the trustees of the scheme in their capacity as such shall not directly or indirectly hold as an investment—

(a)personal chattels other than choses in action (or, in Scotland, movable property other than incorporeal movable property);

(b)residential property other than that specified in paragraph (2);

(c)shares in an unlisted company which—

(i)carry more than 30 per cent. of the voting power in the company, or

(ii)entitle the holder of them to more than 30 per cent. of any dividends declared by the company.

(2) The residential property specified in this paragraph is—

(a)property which is, or is to be, occupied by an employee who is not connected with his employer and who is required as a condition of his employment to occupy the property; and

(b)property which is, or is to be, occupied by a person who is neither a scheme member nor connected with a scheme member in connection with the occupation by that person of business premises held by the trustees of the scheme in their capacity as such.

(3) For the purposes of paragraph (1), trustees shall not be regarded as indirectly holding as an investment residential property other than that specified in paragraph (2) where they hold as an investment units in a unit trust scheme—

(a)which is an authorised unit trust within the meaning of section 468(6) of the Act, or

(b)where all the unit holders would be wholly exempt from capital gains tax or corporation tax (otherwise than by reason of residence) if they disposed of their units,

and the trustees of the scheme hold such property as an investment subject to the trusts of the scheme.

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