This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our privacy notice.

Lack of knowledge or advice was no reasonable excuse for late claim for lifetime allowance charge protection

By Mark McLaughlin, June 2021

The appellant’s decision to conduct no research, seek no guidance, take no independent advice or make a protective application himself was not reasonable and his late claim for enhanced protection from a lifetime allowance charge was refused. =

The appellant’s self-invested pension plan (‘SIPP’) was established in 2003, when he converted an existing small, self-administered scheme (‘SSAS’) to a SIPP. The appellant was advised by a financial adviser, but that connection withered away as the appellant believed he had achieved his objective. The pension company (SL) wrote to the appellant in December 2005, March 2006 and November 2008 informing the appellant of pension taxation changes, recommending that he took advice if he thought he was affected. The appellant believed that he was not

Subscribe to the McLaughlin’s Tax Case Library to get instant access
to the Tax Case Library.
14 day free trial , 90 day money back guarantee
Subscribe

Related or similar articles

Late notification appeal allowed after HMRC’s ‘nudge’ letter was not received
By Mark McLaughlin, June 2024
Football agent’s fees paid on behalf of a professional footballer were not deductible expenses
By Mark McLaughlin, June 2024
Project manager working through personal service company was caught by IR35 rules
By Mark McLaughlin, September 2021
HMRC assessment must be reduced to take account of materials
By Mark McLaughlin, December 2020
Contractor liable for amounts not deducted from payments to subcontractors but accounted for by them
By Mark McLaughlin, February 2020