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M Hargrove (TC4035)
The taxpayer was a member of two company pension schemes. He deferred the benefits under each until October 2022.
He did not work in pensions or taxation but he had a good understanding of corporate and financial affairs and always completed his own tax returns.
He was aware of the changes to the tax treatment of pension including the lifetime allowance and the related charge – but he thought the charge would not apply to him because he was no longer employed and had deferred benefits.
He realised in 2012 that he should have made an enhanced protection claim for the lifetime allowance. The deadline was 5 April 2009.
HMRC refused the claim. The taxpayer appealed claiming he had reasonable excuse because he had not known he could make the claim.
The First-tier Tribunal said ignorance could be a reasonable excuse in some circumstances.
The judge accepted that...
