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Finance Act 2004
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241Scheme chargeable payment
(1)In this Part “scheme chargeable payment”, in relation to a registered pension scheme, means—
(a)an unauthorised payment by the pension scheme, other than one which is exempt from being scheme chargeable, and
(b)a scheme chargeable payment which the pension scheme is to be treated as having made by section 183 or 185 (unauthorised borrowing).
(2)An unauthorised payment is exempt from being scheme chargeable if—
(a)it is treated as having been made by section 173 (use of scheme assets to provide benefits) and the asset used to provide the benefit in question is not a wasting asset,
(b)it is a compensation payment (see section 178),
(c)it is made to comply with an order of a court or of a person or body with power to order the making of the payment,
(d)it is made on the ground that a court or any such person or body is likely to order the making of the payment (or would be were it asked to do so), or
(e)it is of a description prescribed by regulations made by the Board of Inland Revenue.
(3)“Wasting asset” has the same meaning as in section 44 of TCGA 1992.
(4)Schedule 36 contains (in Part 3) transitional provision about scheme chargeable payments.
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