Where a
registered pension scheme makes an unauthorised
payment to a member or
sponsoring employer a surcharge will also be
payable if the amount of the unauthorised payment exceeds 25% of
the fund value.
The
unauthorised payments surcharge is a further tax
charge, paid in addition to the unauthorised payments charge. The
unauthorised payments surcharge will be 15%, bringing the total tax
charge to 55%, to reflect the higher level of tax relief likely to
have been received on such a large amount of the scheme’s
fund.
Further guidance covering unauthorised payments surcharge can
be found at
RPSM04104610.
| Glossary ( RPSM20000000) |
