An industry-wide error in relation to property transfers into SIPPs and SSASs means over 120,000 people may be owed compensation of up to £80,000 each.
The error – whereby solicitors acting transfers assume that Stamp Duty Land Tax (SDLT) must be paid on the transfer of property from multiple owners into SIPPs or SSASs – has been confirmed with HMRC by Cornerstone Tax, who have already won several test case refunds for their clients.
Given the nature of this misunderstanding across the industry, Cornerstone calculates that the compensation due from HRMC and solicitors to pension holders affected could amount to nea...