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section 242 of the Finance Act 2004 (de-registration charge) where the registration of a registered pension scheme is withdrawn.
For the purposes of this Act the assets which at the relevant time are held for the purposes of the pension scheme—
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
are not to be treated as having been disposed of by any person at the relevant time.
In subsection (2) "the relevant time" means the time immediately before the date of withdrawal of registration of the pension scheme.