Landmark case for ‘in specie’ pension contributions

A landmark decision by the Upper Tier Tribunal has ruled against tax relief being claimable on ‘in specie’ pension contributions.

In-specie contributions involve non-cash assets being transferred into a pension (e.g. land/property, shares etc).

The decision will almost certainly be appealed, however, there is a concern that HMRC may start attempting to recoup tax relief claimed on such contributions. This has serious implications for financial advisers and pension providers.

A summary of the decision can be found here.