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A McCashin v HMRC

In A McCashin v HMRC [2018] UKFTT 625 (18 October 2018) the FTT found that the sale of properties held by a pension plan was an unauthorised payment (FA 2004 s 164).

Mr McCashin was the member of a self-invested pension plan and was also a joint trustee of the plan. The scheme was administered by a company called IPS. The scheme was partly funded by bank borrowing and all of the funds were invested in two commercial properties which were leased to Mr McCashin’s business.

Mr McCashin decided to sell his business and emigrate to Gibraltar. IPS was aware of Mr McCashin’s intention but the FTT considered that: ‘It is less than clear whether [IPS] knew that the investment would not be through the scheme or into another pension scheme.’

The two properties owned by the scheme were sold and the proceeds were remitted to Mr McCashin’s...

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