Question: 'Part-time SSAS admins put schemes 'at risk' (IFA Online 29th May 2009). The story continues: 'HMRC has the power to levy a 55% tax charge on scheme assets......'
Well guys, I checked with HMRC @ Nottingham and they have never levied any such tax charge. The source of this story in the newspaper was Xafinity, a huge pensions admin Company, similar to 'Cr*pita' (as Private Eye with some justification call them ). Well they would say that wouldn't they? Mike Morrison, AXA: All schemes potentially have the possibility of having tax charges levied by HMRC. Trustees need to be aware of the circumstances where this could happen and understand the implications, and avoid these circumstances if possible. David Seaton: Finance Act 2004 sets out a t...
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