NEW: UK tax authorities have deregistered 770 #pension schemes which were being used for "pension liberation" activity since 2014, a Treasury minister has confirmed.
More to follow
More to follow
In the United Kingdom, "pension liberation" typically occurs when a saver is hookwinked (by a confidence trickster) into believing they can access their pensions before the age of 55, without the standard "early access" penalites applied by HM Revenue and Customs.
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A UK parliamentary inquiry into pension scams has raised issues about the role of HMRC ( the tax authority) pursuing victims of #pension liberation scams for substantial tax debts.
The tax debts are for early access, which occurs during the pension liberation scam.
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The tax debts are for early access, which occurs during the pension liberation scam.
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Last year, a Police Foundation report described HMRC’s approach to the pursuit of tax debt from #pension liberation scam victims as “unrelenting and uncompromising”.
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In December the chair of the Work and Pensions select committee write to the Treasury minister Jesse Norman asking whether HMRC stop pursuing victims of #pension liberation scams for tax bills inadvertently incurred as part of the scam. committees.parliament.uk/publications/4…
The Treasury minister’s response - published on the @CommonsWorkPen website - said if the member “had lost their savings and received no money” then there may be no breach to act upon.
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However, the Treasury was unwilling to change the approach to the pursuit of tax debt from scam victims, which can in some cases amount to tens of thousands of pounds. Treasury said “affordable” repayment options were available.
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