In the context of pensions, a charge to income tax made on an unauthorised payment (
under the Finance Act 2004. The charge is made at a rate of 40% of the unauthorised payment. An additional surcharge of 15% is levied if the unauthorised payment exceeds specific limits.
IP&IT, PLC Glossary, PLC UK Commercial, PLC UK Construction, PLC UK Corporate, PLC UK Dispute Resolution, PLC UK Employment, PLC UK Environment, PLC UK Finance, PLC UK Law Department, PLC UK Pensions, PLC UK Private Client, PLC UK Property, PLC UK Public Sector, PLC UK Share Schemes & Incentives, PLC UK Tax
This resource is maintained, meaning that we monitor developments on a regular basis and update it as soon as possible.