Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many individuals suspected of being victims of pension fraud have been investigated for tax penalties by HMRC in the last 12 months.

Registered pension schemes in the UK benefit from generous tax reliefs, estimated to be £70.6 billion in 2022-23. HMRC’s role is to administer these reliefs as well as undertake compliance checks to ensure that taxpayers are paying the correct amount of tax at the right time. HMRC charges penalties to encourage compliance with tax obligations and does not open investigations with a view to charging penalties. Where inaccuracies are identified as part of a compliance check, penalties may be charged under Schedule 24 of Finance Act 2007.

HMRC does not hold the data requested, HMRC consider the correct response for each taxpayer’s case based on the unique set of facts they present.