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First-tier Tribunal rules that loan from pension fund is an unauthorised payment (Foulkes v HMRC)

Pensions analysis: The First-tier Tribunal (Tax Chamber) has handed down its judgment in respect of an appeal brought against a decision by HMRC to refuse to discharge an unauthorised payments surcharge on the ground that it was not just and reasonable for the appellant to be liable for the surcharge. HMRC initially considered that a transfer of £18,309 was an unauthorised member payment from the appellant’s pension pursuant to the regime for pension tax relief and charges in Part 4 of the Finance Act 2004 (FA 2004). HMRC enquired into the appellant’s tax return for 2017–18 and issued a closure notice which charged the appellant, Mr Foulkes, an unauthorised payments charge and an unauthorised payments surcharge in respect of a loan. Mr Foulkes notified his appeal to the First-tier Tribunal against HMRC’s decision on 20 August 2022. The First-tier Tribunal allowed the appeal in part and reduced both the unauthorised payments charge and the unauthorised payments surcharge.

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