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What is the amount of penalty for late payment of a scheme sanction charge assessment, with statutory authorities?

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Published on LexisPSL on 21/12/2018

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  • What is the amount of penalty for late payment of a scheme sanction charge assessment, with statutory authorities?

What is the amount of penalty for late payment of a scheme sanction charge assessment, with statutory authorities?

Under section 239 of the Finance Act 2004 (FA 2004), the scheme sanction charge is a charge to income tax which arises where, in any tax year, one or more scheme chargeable payments are made by a registered pension scheme.

Under the Registered Pension Schemes (Accounting and Assessment) Regulations 2005, SI 2005/3454, reg 4 (see Case 4 in Table 2), where a charge to tax arises under FA 2004, s 239 (ie scheme sanction charge), HMRC must issue an assessment to tax on the scheme administrator or the person(s) liable to the scheme sanction charge under that section.

Under section 59B(6) of the Taxes Management

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