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

Professional Pensions: Stories of the week

Professional Pensions: Stories of the week

TPR focusses on UK growth, L&G job cuts, PRT results, and IFoA guided retirement warning

Professional Pensions
clock 25 September 2026 • 1 min read
News Digest: How budget tax rumours triggered a multibillion-pound pension panic

News Digest: How budget tax rumours triggered a multibillion-pound pension panic

PP brings together all the latest news on pensions from across the national and financial media

Professional Pensions
clock 25 September 2026 • 1 min read
Members apathetic towards pensions, study finds

Members apathetic towards pensions, study finds

Research finds majority of savers prioritised checking social media or fitness apps over their pensions

Martin Richmond
clock 24 September 2026 • 3 min read
Trustpilot