Practical Law UK Glossary 3-244-4956 (Approx. 4 pages)
Glossary
Unauthorised payments charge
In the context of pensions, a charge to income tax made on an unauthorised payment under the Finance Act 2004. The charge is made at a rate of 40% of the unauthorised payment. An additional unauthorised payments surcharge of 15% is levied if the unauthorised payment exceeds specific limits. (Section 208, Finance Act 2004.)