A wasting asset that is owned by your pension scheme is an asset with a predictable life span of less than 50 years. Examples of wasting assets would include all machinery such as cars and vans. If you, or a member of your family or household, have personal use of a wasting asset, the scheme administrator will be liable to an additional tax charge known as the scheme sanction charge. This is in addition to any tax charge on the member as described in RPSM07200070.
|Glossary ( RPSM20000000)|