|[s208, 209 & 239]|
The payment of an unauthorised payment will generate up to three tax charges.
An income tax charge at a rate of 40%, based on the value of the unauthorised payment
Where unauthorised payments go above a set amount in a set period an additional income tax charge at a rate of 15% will be due, based on the value of the unauthorised payment
An income tax charge on the scheme administrator in respect of certain unauthorised payments in addition to the other two tax charges. The tax is due at a rate of 40%, based on the value of the payment. However, the rate may be reduced to as low as 15% where the unauthorised payments charge has been paid.
|Glossary ( RPSM20000000)|