Section 185D | Apportionment to pension scheme

(1)This section applies where the pension scheme holds the interest in the property indirectly for the whole of the period in the tax year for which the property is scheme-held taxable property.

(2)The amount that would otherwise be the amount of the scheme chargeable payment is to be apportioned to the pension scheme by applying paragraphs 41 to 43 of Schedule 29A to it as if it were the total taxable amount in relation to an unauthorised payment treated as made—

(a)by the pension scheme,

(b)in connection with the acquisition of the interest in the property, and

(c)at the end of the last day in the tax year on which the property is scheme-held taxable property.

(3)But where—

(a)the amount found in relation to the pension scheme on the day mentioned in paragraph (c) of subsection (2), differs from

(b)the amount that would be found in relation to the pension scheme under that subsection on another day in the tax year on which the property is scheme-held taxable property,

the amount to be apportioned to the pension scheme under this section is the average of the amounts produced by applying subsection (2) in relation to the pension scheme on each day in the tax year on which the property is scheme-held taxable property.