Mohassan Mehmood: The implications of the Sippchoice v HMRC case

Appeal could be granted

clock • 4 min read

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax Planning

Demand for IHT mitigation increases as more fall into threshold

Demand for IHT mitigation increases as more fall into threshold

‘Asset prices and nil rate band freezes are creating a perfect storm’

Isabel Baxter
clock 03 April 2024 • 1 min read
Upcoming CGT changes prompting UK investors to create wealth plans

Upcoming CGT changes prompting UK investors to create wealth plans

More than half want to secure their current and future investment gains

Isabel Baxter
clock 02 April 2024 • 2 min read
Majority of advisers think NI cut will not boost pensions savings

Majority of advisers think NI cut will not boost pensions savings

Only one in ten think people will put the extra cash into pensions savings

Isabel Baxter
clock 11 March 2024 • 1 min read