RPSM04104540 - Technical Pages: Taxation: Unauthorised payments: Unauthorised payments charge: Relief from liability
Relief from liability to the unauthorised payments charge
| [s266A] |
A person liable to the unauthorised payments charge because of payment of an unauthorised member payment, may claim relief from part of the unauthorised payments charge where
- property or money is transferred, or
- a sum is paid
to a registered pension scheme in accordance with
- a court order made under section 19(4) Pensions Act 2004 or Article 15(4) Pensions (Northern Ireland) Order 2005,
- an order by the Pensions Regulator under section 21(2)(a) Pensions Act 2004 or Article 17(2)(a) Pensions (Northern Ireland) Order 2005.
The claim for relief must be made within one year beginning with
the day on which the property or money is transferred or the sum is
paid to the scheme.
The amount of the unauthorised payments charge that can be
reclaimed is represented by the formula
| ASO | ||
| UMP |
ASO = the amount that is the total of
- the market value of any property transferred to the scheme,
- the amount of any money transferred to the scheme, and
- the amount of the sum paid to the scheme
in accordance with the order under sections 19(4) and 21(2)(a) Pensions Act 2004 or Article 15(4) and 17(2)(a) ) Pensions (Northern Ireland) Order 2005.
UMP = the amount of the unauthorised member payment.
If ASO is more than UMP the amount of relief from the unauthorised payments charge that can be claimed is the whole amount of the unauthorised payments charge.
| Glossary ( RPSM20000000) |
