Unauthorised payments surcharge | Practical Law

Unauthorised payments surcharge | Practical Law

Unauthorised payments surcharge

Unauthorised payments surcharge

Practical Law UK Glossary w-038-2955 (Approx. 3 pages)

Glossary

Unauthorised payments surcharge

In the context of pensions, a charge to income tax made under the Finance Act 2004 on certain surchargeable unauthorised payments. The surcharge is levied at a rate of 15% of the surchargeable unauthorised payment and applies on top of the unauthorised payments charge (Section 209, Finance Act 2004).