SCHEDULES

SCHEDULE 30Registered pension schemes: employer loans

Amount of unauthorised payment

Amount A

14

(1)

Amount A arises if paragraph (a) of section 179(2) (interest rate to be not less than prescribed amount) is not complied with.

(2)

Amount A is—

where—

  • IR is the rate of interest payable at the relevant time,

  • PIR is the rate of interest prescribed by regulations under that paragraph, and

  • AO is the amount owing (not including interest) at the relevant time.