HMRC Is Shite

HMRC Is Shite
Dedicated to the taxpayers of Britain, and the employees of Her Majesty's Revenue and Customs (HMRC), who have to endure the monumental shambles that is HMRC.

Friday, 16 March 2018

HMRC Overruled On Blocked Pension Relief


HMRC has been told to allow pension tax relief at source on non-cash contributions, granting a provisional reprieve on what could amount to millions of pounds in tax.

These 'in-specie' contributions are where property, shares or other assets are used to contribute to a pension, instead of cash. Following these in-specie contributions, Sipp firms can claim tax relief back from HMRC, the same as for normal cash contributions.

Two years ago HMRC challenged certain contribution agreements. In August 2016 Citywire's New Model Adviser® revealed that a number of Sipp providers had suspended in specie contributions over fears HMRC was changing its tax relief position.


HMRC then wrote to Sipp providers asking them to pay back tax relief on in-specie contributions, with the assessment backdated to the 2012/13 tax year.

Citywire reports that in a ruling on 10 March, Judge Heather Gething ruled against HMRC’s decision, allowing the appeal by the Sipp providers. She said the meaning of the term ‘contribution paid’ was ‘wide enough to cover a transfer of assets in satisfaction of a debt as occurred in this case’.


Tax does have to be taxing.

Professional Cover Against the Threat of Costly TAX and VAT Investigations

Insurance to protect you against the cost of enquiry or dispute with HMRC is available from several sources including Solar Tax Investigation Insurance.

Ken Frost has negotiated a 10% discount on any polices that may suit your needs.

However, neither Ken Frost nor HMRCISSHITE either endorses or recommends their services.

What is Solar Tax Investigation Insurance?

Solar Tax Investigation Insurance is a tax-fee protection service that will pay up to £75,000 towards your accountant's fees in the event of an HM Revenue & Customs full enquiry or dispute.

To find out more, please use this link Solar Tax Investigation Insurance



HMRC Is Shite (www.hmrcisshite.com), also available via the domain www.hmrconline.com, is brought to you by www.kenfrost.com "The Living Brand"

No comments:

Post a Comment