Finance Act 2004
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
278 Market value
(1) For the purposes of this Part the market value of an asset held for the purposes of a pension scheme is to be determined in accordance with section 272 of TCGA 1992. (2) Where an asset held for the purposes of a pension scheme is a right or interest in respect of any money lent (directly or indirectly) to any relevant associated person, the value of the asset is to be treated as being the amount owing (including any unpaid interest) on the money lent. (3) The following are “relevant associated persons”— (a) any employer who has at any time (whether or not before the making of the loan) made contributions under the pension scheme, (b) any company connected (at the time of the making of the loan or subsequently) with any such employer, (c) any person who has at any time (whether or not before the making of the loan) been a member of the pension scheme, and (d) any person connected (at the time of the making of the loan or subsequently) with any such person. (3A) For the purposes of this Part the market value of taxable property, or of an interest in taxable property, is to be determined in accordance with section 272 of TCGA 1992. (3B) Subsection (3A) is subject to any provision made by regulations under paragraph 36(2) of Schedule 29A. (4) For the purposes of this section whether a person is connected with another person is determined in accordance with section 993 of ITA 2007.
278 Market value
(1) For the purposes of this Part the market value of an asset held for the purposes of a pension scheme is to be determined in accordance with section 272 of TCGA 1992. (2) Where an asset held for the purposes of a pension scheme is a right or interest in respect of any money lent (directly or indirectly) to any relevant associated person, the value of the asset is to be treated as being the amount owing (including any unpaid interest) on the money lent. (3) The following are “relevant associated persons”— (a) any employer who has at any time (whether or not before the making of the loan) made contributions under the pension scheme, (b) any company connected (at the time of the making of the loan or subsequently) with any such employer, (c) any person who has at any time (whether or not before the making of the loan) been a member of the pension scheme, and (d) any person connected (at the time of the making of the loan or subsequently) with any such person. (3A) For the purposes of this Part the market value of taxable property, or of an interest in taxable property, is to be determined in accordance with section 272 of TCGA 1992. (3B) Subsection (3A) is subject to any provision made by regulations under paragraph 36(2) of Schedule 29A. (4) For the purposes of this section whether a person is connected with another person is determined in accordance with section 993 of ITA 2007.
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Sign in to file itThink it through
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.