Assets acquired from a connected party other than shares in the employer, land or loans

The term 'connected' is as defined in Section 993/4 of Income Tax Act 2007.

For more information regarding Indirect Holding see RPSM07109410 onwards.

Other useful definitions

Genuinely diverse commercial vehicle - see RPSM07109420
Investment Regulated Pension Scheme - see RPSM07109050

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

A sponsoring employer is the employer or employers who established the scheme for the purpose of providing benefits for some or all of their employees in respect to their employment with the employer or employers. It also includes any other employer whose employees are having benefits provided under the scheme in respect of their employment with that employer.

Land or interest in land

Land includes residential or commercial buildings, agricultural, forestry or interest in the land, for example, leases and ground rents. Residential property is defined in Schedule 29A of Finance Act 2004.

Loans

Do not include:

• the purchase of or subscription to debentures
• debenture stock
• loan stock
• bonds, certificates of deposit
• other documents creating or acknowledging indebtedness that are listed or dealt with on a recognised stock exchange or offered to the public

Where a guarantee of a loan is made the amount of the loan is the amount guaranteed.