UK Pension Fund Owes $100K For Improper Loan To Affiliate

By David Hansen (April 20, 2020, 8:30 PM EDT) -- A British pension fund owes the U.K. £80,000 ($99,500) for an improper loan to an affiliated business but avoided a separate penalty for carelessness because it relied on expert opinion before making the loan, the country's Upper Tribunal ruled Monday.

Bella Figura Ltd. is liable to HM Revenue & Customs for a 40% charge for making a loan of £200,000 in 2010 to a related company, Falken, the Upper Tribunal Tax and Chancery Chamber said in upholding a lower tribunal's decision. But the lower court erred in ruling that BFL acted carelessly and is liable for a separate charge, the Upper Tribunal...

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