SCHEDULES
F1SCHEDULE 29ATaxable property held by investment-regulated pension schemes
Part 3Acquisition and holding of taxable property
Exceptions to indirect holding
21
1
This paragraph applies to a vehicle in which a pension scheme directly or indirectly holds an interest where—
a
the vehicle's main activity is the carrying on of a trade, profession or vocation,
b
the pension scheme does not, whether alone or together with one or more associated persons, have control of the vehicle, and
c
neither a member of the pension scheme nor a person connected with such a member is a controlling director of the vehicle or any other vehicle which holds an interest in the vehicle directly or indirectly.
2
But this paragraph does not apply if the purpose or one of the purposes for which the pension scheme holds the interest in the vehicle is to enable a member of the pension scheme or a person connected with such a member to occupy or use the property.
3
In sub-paragraph (1)—
a
4
For the purposes of this paragraph a pension scheme or an arrangement under a pension scheme has control of a vehicle if the pension scheme or the arrangement holds such interest as would, if the pension scheme or the arrangement were a person, mean that the person had control of the vehicle.
5
F5Section 1122 of the Corporation Tax Act 2010 (connected persons) applies for the purposes of this paragraph.
6
For the definition of “associated person” see paragraph 30.
Sch. 29A inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 13