Hogan Lovells

Key Dates

HMRC v Sippchoice Ltd  [2020] UKUT 149 (TCC).

Hearing date: 28 February 2020. 

Judgment date: 12 May 2020.


The Upper Tribunal has allowed HMRC's appeal and has held that the meaning of "contributions paid" under s 188(1) Finance Act 2004 was restricted to contributions of money, whether in cash or other forms, and could not encompass transfer of non-monetary assets, even where the transfer was made in satisfaction of an earlier monetary obligation. 

Four members of a self-invested personal pension (SIPP) had contracted with the SIPP provider to contribute particular sums into the SIPP and had subsequently transferred shares to the SIPP in satisfaction of these money debts. 

The First-tier Tribunal had been wrong to conclude that the transfers of shares amounted to contributions paid by the members for the purposes of s 188(1).  The members were therefore not entitled to income tax relief on the in specie contributions. 

Date Accessed: 03/12/2021