Summary
The appellant’s appeals against unauthorised payments surcharges (under FA 2004, s 209) were allowed, but his appeals against the unauthorised payments charges (under FA 2004, s 208) were dismissed.
Background
The appellant was a financial adviser. He intended to transfer all of his existing pension arrangements with Pearl Assurance and Scottish Life to a self-invested personal pension plan (SIPP) with TD Direct Investing. He arranged for £138,606.34 (i.e. the aggregate of the amounts of £21,127 and £117,479.34 received by him from Pearl Assurance and Scottish Life respectively in April 2010 and March 2010) to be transferred. The appellant attempted to handle the transfer himself.
The payments from Pearl Assurance and Scottish Life were deposited in a new business bank account opened by the appellant in March 2010. He originally
