Section 445 — Corporation Tax Act 2010: Section 444: registered pension schemes

Section 444: registered pension schemes 445 1 If shares in a company (“C”) are held on trust for a registered pension scheme, the persons holding the shares are to be treated, for the purposes of section 444(2) and (3)—

a as the beneficial owners of the shares, and b in that capacity, as a company which is not a close company.

2 But subsection (1) does not apply if the scheme is established wholly or mainly for the benefit of—

a directors, employees, past directors or past employees of a company within subsection (3), or b dependants of an individual within paragraph (a).

3 The companies within this subsection are—

a C, b an associated company of C, c a company which is under the control of—

i a director of C, ii an associate of a director of C, or iii two or more persons each of whom is such a director or associate, and d a close company.

4 For the meaning of—

a “associate”, see section 448, and b “associated company”, see section 449.