If the amount of scheme chargeable payments in a 12 month period reaches the relevant threshold the scheme could be de-registered. If in any case the limit is met HMRC officials will consider the facts and circumstances of each scheme chargeable payment as part of their consideration of whether or not the registration of the pension scheme concerned should be withdrawn. The legislation relating to taxable assets sets clear tax charges that are designed to recoup all tax reliefs on acquisition and prevent any tax advantages accruing on holding the property through a registered pension scheme. As such, in exercising its discretion, HMRC would not normally view a one-off acquisition of taxable property as something that will lead to de registration even if the de registration threshold is breached. Deregistration will, however, be considered in exceptional cases (an example of which may be the multiple purchases of property, or where avoidance or evasion is present).
| Glossary ( RPSM20000000) |
