Relief at source and in-specie pension contributions

Over the past six months, we have seen an increasing number of notifications made to insurers in connection with Her Majesty's Revenue and Customs’ (HMRC) refusal to pay tax relief on in-specie pension contributions.

HMRC suggest that the procedure used by pension administrators to make the contribution may not be in compliance with their guidance.

Pension administrators are concerned that HMRC will start to reclaim tax relief that has already been paid out and that this could lead to their members bringing claims against them for:

• Lost tax relief
• Interest
• Penalties.

The document below explains the issue further and how claims against pension administrators may arise.

Read the full article (PDF, 677KB)

Read other items in the Professions and Financial Lines Brief - August 2017