SIPP providers challenge HMRC on 'unfair' interest charges

The Association of Member Directed Pension Schemes (AMPS) is questioning HMRC's practice of charging interest on tax relief it believes schemes have claimed incorrectly. Members of SIPPs must fill out relief at source (RAS) declaration forms, to certify they are entitled to tax relief which is automatically credited to their scheme to be distributed by the administrator. However, AMPS chairman Robert Graves said some SIPP providers have been told by HMRC their RAS forms are not sufficient. This effectively means SIPP members have not declared they are eligible for tax relief at sou...