INCOME TAX – unauthorised payments charge – Section 208 Finance Act 2004 – scheme funds invested at scheme member’s direction in preference shares of finance company as part of a structure involving a loan from a third party lender to a pension scheme member – whether loan to scheme member was an unauthorised member payment under Section 160(2) Finance Act 2004 because it was a ‘payment…made . . in connection with an investment . . acquired using sums or assets held for the purposes of a registered pension scheme’ – yes – unauthorised payments surcharge – Section 209 Finance Act 2004 – whether it was just and reasonable for the pension scheme member to be liable to the surcharge – yes – appeal dismissed
Citations:
[2019] UKFTT 555 (TC)
Links:
Jurisdiction:
England and Wales
Income Tax
Updated: 01 November 2022; Ref: scu.641358