De-registered schemes face 40% tax charge as HMRC 'fit and proper' powers take effect

clock

HM Revenue and Customs (HMRC) now has the power to refuse to register or to de-register a pension scheme on the grounds that the administrator is "not fit and proper".

Schemes that are de-registered will be subject to a 40% tax charge on the aggregate value of the sums and assets within the scheme, with the administrator liable for the charge. The measures wer...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Are you a trustee, investment consultant or in-house pension and benefit scheme professional? You can apply for full complimentary access here

Join now

 

Already a Professional Pensions
member?

Login

More on Industry

Buzz: Do you support the commitments in the Employer Pension Pledge?

Buzz: Do you support the commitments in the Employer Pension Pledge?

Employer Pension Pledge, scheme investment mandation and pensions adequacy

Professional Pensions
clock 14 July 2025 • 1 min read
PASA launches de-risking 'jargon buster' to support scheme decision making

PASA launches de-risking 'jargon buster' to support scheme decision making

Organisation said the industry must ‘fully understand’ terminology and implications

Holly Roach
clock 14 July 2025 • 1 min read
UK employers back pledge to 'transform' pension investment culture

UK employers back pledge to 'transform' pension investment culture

The pledge will commit employers to prioritise net returns, not just cost

Holly Roach
clock 14 July 2025 • 7 min read
Trustpilot