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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Good evening , I have been sent a tax bill from HM Revenue

Customer Question

Good evening , I have been sent a tax bill from HM Revenue for £14,358 for year 2010 /2011 for money I took out for my pension of £19,000 , I was not told I had to pay tax on this as the pension company said they had found a loopole , this company has now gone bankrupt , could you please give me some advice.
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi.

Can you tell me your date of birth please.
Customer: replied 1 year ago.

24/09/1966

Expert:  TonyTax replied 1 year ago.
Thanks.

Leave this with me while I draft my answer.
Expert:  TonyTax replied 1 year ago.
Hi again.

I'm afraid that as you have cashed in your pension before the age of 55, you have left yourself open to a tax charge of up to 55% as you can read here. There are very few circumstances which allow for access to the money before an individual reaches 55. There really are no loopholes. Basically, you have been lied to.

I'm afraid that there are numerous companies offering a pension release service and, as you have found out to your cost, the one you dealt with no longer exists. I wouldn't be surprised if the owner of that business has set up another company and is doing the same thing under another company name. I can also be quite sure that you were charged a sizeable fee by the bankrupt company and that you were not warned that you could suffer a 55% tax charge. There is more information on pension release scams here and here.

As far as HMRC not responding to your attempts to contact them are concerned, I would suggest you make a complaint using the guidance here. If you don't have the money to pay the tax, then you should try to negotiate a payment plan with them. Take a look at the notes here for more information.

I'm sorry I cannot offer you any hope of having the tax liability waived. Let me know if you have any further questions.

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