In Michael Hargrove v HMRC [2014] UKFTT 921 – 29 September 2014 the FTT found that the taxpayer’s ignorance of the law was not a reasonable excuse.
FA 2004 imposed a charge to income tax on a member of one or more registered pension schemes in respect of certain ‘benefit crystallisation events’. Schedule 36 provided for transitional provisions which allowed for protection from the ‘lifetime allowance charge’ provided that notice was given to HMRC by 5 April 2009.
Mr Hargrove was a member of the Citibank and NatWest Markets pension schemes having worked for both companies. Although he had never worked in pensions or taxation he had a good understanding of corporate affairs and prepared his own tax returns.
He had been aware of the new lifetime allowance charge; however he had thought that it did not apply...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
In Michael Hargrove v HMRC [2014] UKFTT 921 – 29 September 2014 the FTT found that the taxpayer’s ignorance of the law was not a reasonable excuse.
FA 2004 imposed a charge to income tax on a member of one or more registered pension schemes in respect of certain ‘benefit crystallisation events’. Schedule 36 provided for transitional provisions which allowed for protection from the ‘lifetime allowance charge’ provided that notice was given to HMRC by 5 April 2009.
Mr Hargrove was a member of the Citibank and NatWest Markets pension schemes having worked for both companies. Although he had never worked in pensions or taxation he had a good understanding of corporate affairs and prepared his own tax returns.
He had been aware of the new lifetime allowance charge; however he had thought that it did not apply...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
