SCHEDULES
F1SCHEDULE 29ATaxable property held by investment-regulated pension schemes
Part 3Acquisition and holding of taxable property
Exceptions to indirect holding
20
1
A pension scheme does not hold an interest in property indirectly through a vehicle through which the pension scheme would otherwise hold the interest in the property indirectly where one of the following paragraphs applies in relation to the vehicle, and, in particular—
a
paragraph 21 makes provision in relation to holding through vehicles which carry on trading activities,
b
F2paragraphs 22, 24 and 25 make provision in relation to holding through Real Estate Investment Trusts,
c
paragraphs 23 to 25 make provision in relation to holding through other kinds of vehicles, and
d
paragraph 26 makes provision in relation to holding through a vehicle which holds the interest in the property directly by virtue of paragraph 14(3) (receipt of payments determined by reference to value of or income from property).
2
In the taxable property provisions “vehicle”, in relation to a pension scheme which holds an interest in taxable property indirectly, means a person through whom the pension scheme holds the interest in the property.
3
For the purposes of the taxable property provisions a person holds an interest in a vehicle directly if the person holds an interest of the kind mentioned in paragraph 16(2) in the vehicle.
4
For the purposes of the taxable property provisions a person holds an interest in a vehicle indirectly if the person does not hold the interest directly but—
a
holds an interest in a person who holds an interest in the vehicle directly, or
b
holds an interest in a person who holds the interest in the vehicle indirectly by virtue of paragraph (a) or this paragraph.
Sch. 29A inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 13