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    Freedom pension battle wards off tax charge

    Freedom pension battle wards off tax charge

    Members can leave stricken Freedom SIPP without paying 40% charges

    Author Date published October 16, 2009 Categories

    Lawyers have headed off a 40% tax charge against investors in a pension
    scheme under threat of being wound up by HM Revenue & Customs.

    Investors in the Freedom SIPP were in court on Thursday to challenge a
    winding up order brought by the taxman.

    The 350 members of the scheme will now be permitted to transfer out of the
    scheme to other pension scheme without footing the tax bill which was estimated
    at £66m.

    Members of the scheme are not entirely out of the words. Lawyers anticipate
    more legal action against the Freedom trustees forcing them to allow members to
    move on.

    HMRC began action against Freedom over an unpaid VAT bill thought to have
    amounted to around £150,000.

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