Land or interest in land acquired at arm's length

Land includes buildings, for example, houses, offices and factories. It is all land and buildings including, for example, residential, commercial, agricultural, forestry. An interest in land can include both a freehold and a leasehold interest, and jointly held interests. It is not limited to land and buildings in the UK.

Where there has been expenditure on improvements, this will be reflected in the market value of the asset, and should be added to the costs where property is shown at cost.

Assets acquired at arm's length means assets that were not acquired from any of the persons or companies connected to the scheme.

You do not need to include here details of any assets used for normal administrative purposes of the pension scheme, such as office premises and equipment or motor vehicles used by administrative staff employed by the scheme.

For more information regarding Indirect Holding see RPSM07109410 onwards.

Other useful definitions

Genuinely diverse commercial vehicle – see RPSM07109420

Investment Regulated Pension Scheme – see RPSM07109050

Residential property – see RPSM07109060

RPSM is the Registered Pension Schemes Manual which can be found at www.hmrc.gov.uk/pensionschemes/index.htm