De-registered schemes face 40% tax charge as HMRC 'fit and proper' powers take effect

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HM Revenue and Customs (HMRC) now has the power to refuse to register or to de-register a pension scheme on the grounds that the administrator is "not fit and proper".

Schemes that are de-registered will be subject to a 40% tax charge on the aggregate value of the sums and assets within the scheme, with the administrator liable for the charge. The measures wer...

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