HMRC probes advice firms over 'aggressive' sales of SSAS loans

Rupert Curtis, managing director of SIPP provider Curtis Banks, said: "HMRC is looking at the more aggressive areas of IP and SSAS promotion and firms are under investigation." The Revenue's Special Compliance Office (SCO), which investigates cases where substantial tax is at risk or where fraud is suspected, is understood to be looking into the practice. Some advice firms are recommending clients who own businesses to use their IP as collateral to borrow from their SSAS. However, there are fears the IP is then being overvalued. Sources have said that, in many cases, the client's I...