UK Court Says Transfer Of Co. Shares To Pension Taxable
Law360 (May 12, 2020, 6:34 PM EDT) -- Transfers of shares in a company to a pension plan were subject to tax, a U.K. appeals court held Tuesday, finding that noncash asset distributions are still taxable contributions.
The appeals court agreed with HM Revenue & Customs that company shares contributed to a self-invested personal pension scheme, or SIPP, by four individuals were taxable because the shares were not "contributions paid" within the meaning of Section 188(1) of Finance Act 2004. The ruling by the Upper Tribunal's Tax and Chancery Chamber overturned a 2018 ruling for Sippchoice Ltd., which administered the plan.
Both courts examined transactions by one of the...
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