In-specie transfers within pension schemes and their tax implications have been under the spotlight in the recent Sippchoice Limited vs HMRC Upper Tax Tribunal case. Here, Mohassan Mehmood discusses the potential fall-out from the recent ruling...
It's been a long-standing dispute over the tax treatment of transferring non-cash assets into pension schemes. Let's rewind to 2018. Sippchoice Limited was successful at the First-tier Tribunal in challenging HMRC's contention that ‘in-specie contributions' - non-cash assets such as commercial property and shares transferred into pension schemes - should not receive tax relief like their cash counterparts. Pension administrators were given the all-clear that their interpretation of HMRC's own guidance on in-specie contributions was indeed correct. Fast-forward to May 2020 and the deci...
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