RPSM02305020 - Scheme Administrator Pages: Registering a pension scheme with HMRC: opting out of automatic registration: Tax charge on opting out

Tax charge on opting out

There is a 40% tax charge on the total of

• the amount of the sums of money held for the purposes of the pension scheme on 5 April 2006, and
• the market value on 5 April 2006 of the assets held for the purposes of the pension scheme at that time.

The "relevant administrator" is liable for the tax charge. See page RPSM02305030.