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Liability to unauthorised payments charge

30 January 2020
Issue: 4730 / Categories: Tax cases

R Rowland (TC7499) 

In 2010 the taxpayer wanted to raise money to invest in his business; he was at the time 47 years old. After his bank and financial adviser told him it was not possible to borrow money from his pension fund because the rules would not allow it he searched on the internet for pension loans. He found IQ Services through which he opened a self-invested personal pension (SIPP) by means of transferring his entire pension fund. He bought shares in KJK Investments and then received a loan from G Loans. The latter confirmed that all the money invested in KJK was fully invested in that company and the taxpayer had not received a payment or loan connected with his pension fund investment.

In June 2015 KJK and G Loans were wound up for misleading clients in that loans made by G Loans were linked to investments...

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