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D Foulkes (TC9139)
The taxpayer was a member of a local government pension scheme. His pension transfer value was £18 309 when he was about 50 years old. After discussions with Mr D of Quay West Investment Ltd he understood that if he transferred his pension to another scheme this would give him greater flexibility over the investment of the fund. He therefore transferred the fund to Alderley Wealth Management Pension Scheme and invested it in a company called Haimachek UK Ltd. He received a payment of £11 819 which was part of a loan from Lendtech Ltd. The loan was for £13 040 less an administration fee of £1 000 and advance interest of £195.
HMRC considered the £13 040 to be an unauthorised member payment and imposed charges of £7 172.
The taxpayer appealed on the basis there was no unauthorised member payment.
The First-tier Tribunal said it was...
