Application of the Finance Act 2003: further provisions43
1
Paragraph 8 of Schedule 4 to the Finance Act 2003 M1 (debt as consideration) does not apply in relation to the Pension Protection Fund if—
a
the Board of the Pension Protection Fund acquires a chargeable interest as part of its assumption of responsibility for a scheme in accordance with Chapter 3 of Part 2 of the Pensions Act or Chapter 3 of Part 3 of the Pensions Order (pension protection), and
b
the chargeable interest is held by the Board of the Pension Protection Fund as an investment.
2
Paragraph 1 of Schedule 7 to the Finance Act 2003 (group relief) applies in relation to a group of companies of which the Board of the Pension Protection Fund is a member as if, in the case of each reference to 75%, there were substituted a reference to 50%.
3
For the purposes of paragraph 3(1) of Schedule 7 to the Finance Act 2003 (withdrawal of group relief) there is no withdrawal of group relief if the vendor is the Board of the Pension Protection Fund.
4
This regulation is to be construed as one with Part 4 of the Finance Act 2003 (stamp duty land tax).