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Providers challenge HMRC on pension tax relief audit

Pension providers have raised concerns about HM Revenue & Customs’ audit of members who are eligible for tax relief on contributions, after being challenged for having “deficient member declarations”.

The Association of Member-directed Pension Schemes says two committee members reported concerns about the revenue’s relief at source, or RAS, audits.
Chairman Robert Graves has begun sounding out other Amps members to determine the extent of the problem.

He says: “The Amps is concerned that audits being undertaken on administrators have found some RAS declarations within a Sipp membership application form to be deficient and interest is being charged by HMRC on the scheme administrator. The interest charge is based on the amount of tax relief that has been given and the time lapsed between payment and a new declaration being signed by a scheme member. This can amount to a considerable sum.”

Yellowtail Financial Planning managing director Dennis Hall says: “The interest rate HMRC charges is higher than the base rate. If this problem is not picked up for quite some time, the interest could quickly add up.”

HMRC refused to comment.



Rathbones’ David Coombs says gold could fall 30%

Some multi-managers have been trimming their exposure to gold with Rathbones’ David Coombs suggesting the price could plunge by around a third within weeks. Gold reached a record high of $1,900 an ounce earlier this week as investors continue to worry about the European debt crisis and with growing expectations that the US government could […]


FSA bans mortgage broker who committed £3m mortgage fraud

The FSA has banned a mortgage broker after she was found guilty of 13 counts of financial crime, including fraud and obtaining money by deception. In February 2010, Yasmin Choudhary, trading as Adams Financial Services, was found guilty of nine counts of obtaining a money transfer by deception, one count of attempting to dishonestly obtain […]

Plain English Campaign backs bid to demystify insurance plans

Income protection provider Unum is calling on insurers to simplify their customer product information after it emerged that the insurance sector is the worst at making product literature easy to understand. Unum, backed by the Plain English Campaign, commissioned research into how easy consumers find it to understand product information. Of the 2,016 consumers surveyed […]

Thames River maintains distribution fund yield

Thames River Multi-Capital believes the ability to maintain the income yield on its distribution fund of funds should make it more attractive to investors in the face of sharply falling yields across the main IMA sectors. Each year, the firm reviews most of the IMA yielding sectors to identify trends in distribution yields. This year’s […]


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