Court Rules in Favour of Sippchoice Following Pension Liberation Accusation

A court has ruled in favour of Sippchoice – a leading UK Sipp scheme operator – which had been accused of being used as a pension liberation vehicle by HM Revenue & Customs.

It was alleged that the company was enabling its customers to invest their funds in Imperium Enterprises and allowing them to then access their funds in the form of loans, prior to turning 55-years-old. Nevertheless, the court reached the decision that Sippchoice will not be forced to pay sanction charges.

HRMC had called for an income tax charge to be enforced – referred to as an unauthorised payments charge – on the majority of those involved in the scheme. However, it was stated that such a charge would be not be “just and reasonable” by Sippchoice and its defence, after which the firm was allowed to appeal.

Ultimately, the Upper Tribunal charge dismissed HMRC’s charge and upheld the decision of the initial tribunal, much to the relief of those at Sippchoice.

“Though fact sensitive, this decision will be welcomed by pension administrators and provides helpful guidance on the boundaries of what the tribunals will consider to be reasonable conduct on the part of pension administrators when discharging their duties,” commented RPC legal director Robert Waterson.

Talk To the Team

Here at Haven IFA, we’re proud to offer comprehensive advice and support on all key financial matters at all levels. From savings and investments through to pension planning, our combined experience and expertise are unrivalled. Particularly in such turbulent economic times when uncertainty is the new norm, it’s never been more important to make all financial decisions both strategically and thoughtfully.

Our portfolio extends to a wide variety of private and business customers alike – our primary goal always being your long-term security, prosperity and confidence. We specialise in providing financial advice that’s not only independent, but uncomplicated, results-focused and backed by invaluable experience in all key industry areas.

We’re always available to arrange pressure-free, no-obligation meetings to further discuss your needs, or bring to your attention the kinds of options you might not yet have considered. Whatever it takes to secure your financial future, we’re standing by to take your call.

The Haven IFA team would be delighted to hear from you – call 0161 495 9340 or complete the contact form and we’ll get back to you.