Section 250(5)

Section 138A and subsections (1) to (3), (5) and (6) of section 138B have effect in relation to a direction under subsection (3) as they have effect in relation to a direction under section 138A(1) but with the following modifications— subsection (4)(a) of section 138A is to be read as if the words “by the . . . person” were omitted; section 138B(3)(c) and the definition of “immediate group” in section 421ZA as it applies to that section are to be read as if references to the . . . person were references to each of the manager and the trustee of the scheme; section 138B(3)(c) is to be read, in relation to a participant of the scheme, as if the word “commercial” were omitted; section 138B(5) is to be read as if the reference to the . . . person concerned were a reference to the scheme concerned and to its manager and trustee; and section 138A(7) is to be read as if the reference to the . . . person were a reference to the manager and trustee of the scheme acting jointly.

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Source: legislation.gov.uk · retrieved 2026-09-04