Is PAYE and NIC deductable from a pension transfer enhancement excercise?
A client transferred out of an ex-employer's pension scheme.
The wording from the pension provider was -
"I can confirm the payment is part of an enhanced transfer exercise that Mr xxx accepted from the Company if he agreed to transfer out of the scheme. Each member in the exercise had the option of adding this enhancement payment to their benefits (tax free) as it was transferred to a new arrangement or alternately to receive the (taxable) fund from the Company into their bank account. "
My client took the money!
Should PAYE and NIC have been deducted?
- How to convert a pdf file to.. 499 9
- Incapable of reading 198 2
- Using VT Transactions + for first time .. struggling with flat rate VAT 182 3
- How much to charge 280 4
- How to pay national insurance 228 8
- How do I create a tax journal from my corporation tax return? 233 4
- Government Gateway 1,008 16
- P11DX: change of requirement by HMRC 1,583 11
- Form 17 - legal ownership requirements 215 6
- Project Manager Consultant with Profit Share 104 1
- Related party - Transaction with sole director’s father 125 2
- P11D Rejection 389 9
- How to avoid a bankruptcy 555 14
- Selling a practice 380 5
- KPMG email campaign and impact on market 1,295 20
- Overlap relief 475 12
- Live Chat on Accountancy Website 171 1
- Dormant payroll 851 9
- Can I get around an ostrich director? 196 1
- "Can your client afford the following" 1,375 21
- Theatre Tax Relief 447
- Has anyone been affected by the RBS payment breakdown? 349
- Windows 10 on-going support ... 343
- Straight line write off of Purchase Goodwill ??? 314
- Perkbox 280
- Self Assessment - What to enter on the return 251
- FRS 102 compliant illustrative accounts for an insurance company 246
- Compensation - Taxable or not then CGT or IT 244
- Document Management Systems 219
- WIP Software 209