Section 239A — Taxation of Chargeable Gains Act 1992: De-registration of registered pension schemes

De-registration of registered pension schemes 239A 1 This section applies where tax is charged in accordance with section 242 of the Finance Act 2004 (de-registration charge) where the registration of a registered pension scheme is withdrawn.

2 For the purposes of this Act the assets which at the relevant time are held for the purposes of the pension scheme—

a are treated as having been acquired at the relevant time for a consideration equal to the amount on which tax is charged by virtue of section 242 of the Finance Act 2004 by the person who would be chargeable in respect of a chargeable gain accruing on a disposal of the assets at the relevant time, and b are not to be treated as having been disposed of by any person at the relevant time.

3 In subsection (2) “ the relevant time ” means the time immediately before the date of withdrawal of registration of the pension scheme.