23 September 2009
HM Revenue & Customs recently applied to have Freedom
SIPP wound up (see TPAS news item dated 21st August 2009).
The High Court today postponed the hearing until
the 14th of October and the case will now be heard by a
judge.
If the winding up petition is successful and the firm
is put out of business it could de-register the pension
scheme which would result in a tax charge on all assets, a
"de-registration charge".
The delay will however give policyholders more time to
transfer their funds out of Freedom SIPP. The firm has been
closed to new business since September 2008. HMRC declined to
comment on the case or the consequences of a potential
wind-up.
A spokeswoman for the courts sais: "It has been adjourned until
October 14 but it has been passed over to a judge. There is more to
this case which means it cannot just go on the standard winding up
list as it is more complicated."
