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ScotEq hit with big tax bill after SSAS offshore advice

Three senior Scottish Equitable sales consultants are undergoing disciplinary proceedings after members of a small self-administered pension scheme were introduced to offshore tax-evading plans.

Scottish Equitable has been landed with a tax bill from the Inland Revenue believed to be in the region of £500,000after Ssas benefits were taken before retirement dates.

Money Marketing understands that some senior consultants had introduced Scottish Equitable clients to several schemes.

The exact details of the matter are unclear but members’ benefits are believed to have been transferred to the Channel Islands. The Inland Revenue was alerted when the scheme was broken prior to retirement stage and money was transferred back to the UK.

It is understood that two of the consultants have been sacked while a third is awaiting a decision due to ill health. Two of the consultants are based in London while the third is based in the North.

Aegon UK said it could not confirm or deny any details due to the sensitive nature of the incident.

Aegon UK head of business media Adrian Cammidge says: “We are conducting an internal investigation into this matter and the outcome is as yet unknown but it does involve three members of staff.”

Inland Revenue press officer Maria Finelli says: “We cannot confirm either way. Due to confidentiality, we cannot respond.”

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