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Amendment of section 784A of Principal Act (approved retirement fund)
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18. Section 784A of the Principal Act is amended, in subsection (1B), by the substitution of the following paragraph for paragraph (a):
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“(a) in the case of a loan made—
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(i) to the individual beneficially entitled to the assets in an approved retirement fund or to any person connected with that individual, or
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(ii) to a close company, where the individual beneficially entitled to the assets in an approved retirement fund, or any person connected with that individual, is a participator in that close company,
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the amount to be regarded as a distribution for the purposes of this section is an amount equal to the value of the assets of the approved retirement fund used to make such a loan or used as security for such a loan,”.
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