- Clarification on unauthorised payments made by a pension scheme and discovery (Andrew Monaghan v HMRC)
- What are the practical implications of this case?
- What was the background?
- What did the FTT decide?
Private Client analysis: In Andrew Monaghan v HMRC, the First-tier Tax Tribunal (FTT) determined that unauthorised payments made by a pension scheme (or an associated legal body) to a pension scheme member are not categorised as income, and accordingly, in the absence of a requirement for a taxpayer to self-assess, are not subject to discovery assessments under section 29(1)(a) of the Taxes Management Act 1970 (TMA 1970). Jessica Eden, senior associate in the tax department at Baker & McKenzie LLP, examines the case.
Sign in or take a trial to read the full analysis.
To continue reading this news article, as well as thousands of others like it, sign in to LexisPSL or register for a free trial