Budget 2014: HMRC granted tougher pensions liberation powers

HM Treasury's Budget 2014 document promised "broader powers" for the tax authority relating to the registration and de-registration of schemes. Currently, HMRC can only refuse to register a scheme if it provided incorrect or false information, while de-registrations are only allowed in "limited circumstances". The bill will create a new financial penalty of up to £3,000 for providing false information in registering schemes with HMRC. In addition to providing requested information, scheme administrators will have to meet a "fit and proper person test" going forward. HMRC will al...