- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
7.—(1) The description of provision specified in this regulation is a provision to the effect that at the time that any money is lent, or any shares in an employer or any company associated with that employer are acquired, the aggregate of—
(a)the total amount outstanding of money lent to an employer and any company associated with him in accordance with regulation 6(2) and (3), and
(b)the market value of shares in an employer and any company associated with him held by the trustees in their capacity as such,
shall not, where that time is during the period of two years from the date on which the scheme was established, exceed the figure specified in paragraph (2) or, where that time is after the end of that period, exceed the figure specified in paragraph (3).
(2) The figure specified in this paragraph is 25 per cent. of the market value of the assets of the scheme which are derived from contributions made by an employer and by employees since the scheme was established.
(3) The figure specified in this paragraph is 50 per cent. of the market value of all the assets of the scheme.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include: