Finance Act 2004
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Change 1
196F Employer asset-backed contributions: denial of relief (3)
(1) An employer (“E”) is not to be given relief in respect of a contribution (“E's contribution”) paid by E under a registered pension scheme if conditions A and B are met. (2) Condition A is that— (a) a partnership holds an asset (“the security”) at any time before an arrangement (“the asset-backed arrangement”) is made, (b) under the asset-backed arrangement the partnership receives money or another asset (“the advance”) from another person (“the lender”), (c) the advance is (wholly or partly) paid or provided by the lender out of E's contribution (directly or indirectly), (d) there is a relevant change in relation to the partnership (see section 196H), and (e) under the asset-backed arrangement the share in the partnership's profits of the person involved in the relevant change (see section 196H) is determined by reference (wholly or partly) to payments in respect of the security. (3) For the purposes of subsection (2)(e) it does not matter if any determination of the share in the partnership's profits of the person involved in the relevant change as mentioned is subject to any condition. (4) Condition B is that the asset-backed arrangement is not an acceptable structured finance arrangement (see section 196G).
196F Employer asset-backed contributions: denial of relief (3)
(1) An employer (“E”) is not to be given relief in respect of a contribution (“E's contribution”) paid by E under a registered pension scheme if conditions A and B are met. (2) Condition A is that— (a) a partnership holds an asset (“the security”) at any time before an arrangement (“the asset-backed arrangement”) is made, (b) under the asset-backed arrangement the partnership receives money or another asset (“the advance”) from another person (“the lender”), (c) the advance is (wholly or partly) paid or provided by the lender out of E's contribution (directly or indirectly), (d) there is a relevant change in relation to the partnership (see section 196H), and (e) under the asset-backed arrangement the share in the partnership's profits of the person involved in the relevant change (see section 196H) is determined by reference (wholly or partly) to payments in respect of the security. (3) For the purposes of subsection (2)(e) it does not matter if any determination of the share in the partnership's profits of the person involved in the relevant change as mentioned is subject to any condition. (4) Condition B is that the asset-backed arrangement is not an acceptable structured finance arrangement (see section 196G).
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