Finance Act 2011
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Change 1
68 Borrowing by section 67 pension scheme
(1) Section 182 of FA 2004 (unauthorised borrowing) does not cause a section 67 pension scheme to be not authorised to borrow an amount for the purposes of meeting costs of establishing, administering or managing the pension scheme. (2) Accordingly, in the case of a section 67 pension scheme, references in sections 182 and 183 of FA 2004 to amounts previously borrowed do not include any amount previously borrowed for those purposes. (3) For the purposes of this section neither— (a) borrowing an amount for making investments for the purposes of a pension scheme, nor (b) borrowing an amount for making deposits with a view to deriving income for the purposes of a pension scheme (otherwise than prior to applying the amount for meeting costs of establishing, administering or managing the pension scheme), is to be taken to be borrowing the amount for the purposes of meeting costs of establishing, administering or managing the pension scheme. (4) In this section “section 67 pension scheme” means a pension scheme which is established under section 67 of the Pensions Act 2008. (5) Section 163(2) of FA 2004 (meaning of “borrowing”) applies for the interpretation of this section. (6) This section is treated as having come into force on 6 April 2011.
68 Borrowing by section 67 pension scheme
(1) Section 182 of FA 2004 (unauthorised borrowing) does not cause a section 67 pension scheme to be not authorised to borrow an amount for the purposes of meeting costs of establishing, administering or managing the pension scheme. (2) Accordingly, in the case of a section 67 pension scheme, references in sections 182 and 183 of FA 2004 to amounts previously borrowed do not include any amount previously borrowed for those purposes. (3) For the purposes of this section neither— (a) borrowing an amount for making investments for the purposes of a pension scheme, nor (b) borrowing an amount for making deposits with a view to deriving income for the purposes of a pension scheme (otherwise than prior to applying the amount for meeting costs of establishing, administering or managing the pension scheme), is to be taken to be borrowing the amount for the purposes of meeting costs of establishing, administering or managing the pension scheme. (4) In this section “section 67 pension scheme” means a pension scheme which is established under section 67 of the Pensions Act 2008. (5) Section 163(2) of FA 2004 (meaning of “borrowing”) applies for the interpretation of this section. (6) This section is treated as having come into force on 6 April 2011.
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