Finance Act 2004

[F145(1)This paragraph has effect for determining—U.K.

(a)whether the whole of an unauthorised payment treated as made by a pension scheme is to be treated as made to a member of the scheme, and

(b)if not, how much of the unauthorised payment is to be treated as made to the member.

(2)If the interest in the taxable property which gives rise to the unauthorised payment is held by the pension scheme for the purposes of—

(a)the arrangement under the pension scheme relating to the member, and

(b)at least one other arrangement under the pension scheme,

the unauthorised payment is to be apportioned on a just and reasonable basis between all of the arrangements for the purposes of which the interest in the property is held.

(3)Otherwise, the whole of the unauthorised payment is to be treated as made to the member.]