Any assets held by a
registered pension scheme may be used by you, or a
member of your family or household. But you will be taxed as
receiving an unauthorised payment from the scheme.
The amount of the unauthorised payment will be calculated in the same way as a benefit in kind charge would be if you received the use of an asset as an employee from your employer.
If you pay an amount towards the use of the asset (e.g. pay rent for use of a property) , this will be taken into account when calculating the tax charge.
For these purposes a member of your family includes:
And the following are members of your household
As the member of the scheme, you will be liable for any tax
charge on the use of scheme assets used by yourself or members of
your family or household.
A separate tax charge will also be made on the scheme if you are provided with use of an asset which is a wasting asset (see RPSM07200050).
For further details on use of scheme assets see RPSM07102210 onwards.