7 Application of paragraphs 3 and 4 of Schedule 17A to the Finance Act 2003
1 The following provisions—
(a) paragraph 3(1) and (2) of Schedule 17A to the Finance Act 2003 (leases that continue after a fixed term), and
(b) paragraph 4(1), (2) and (5) of that Schedule (treatment of leases for indefinite term),
apply for the purposes of paragraph 34(2) of Schedule 29A, for determining the amount of rent payable, with the following modifications.
2 Each extension of the original fixed term by paragraph 3(2) or 4(1) of Schedule 17A shall be treated as the grant of a new lease for the period of the extension.
3 Accordingly, an investment-regulated pension scheme is to be treated as making an unauthorised payment within section 174A(1) to a member of the scheme, on the occasion of each such extension.
Section 174A was inserted by paragraph 5 of Schedule 21 to the Finance Act 2006.