White v Revenue and Customs Commissioners

Income tax – Pension. The First-tier Tribunal (Tax Chamber) (the FTT) upheld the decision by the Revenue and Customs Commissioners to levy an unauthorised payment charge on the taxpayer in respect of a loan made to the taxpayer by a lending company. The FTT decided that the loan had been a 'payment' for the purposes of s 161 of the Finance Act 2004 Act and it had been made in connection with the investment by a self-invested personal pension in a company, which had been an investment acquired using sums held for the purposes of a registered pension scheme within s 161(3) of the Act.

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