It has been alleged that employer contributions to an employee's SIPP may contravene the terms of the company Mem & Arts. The current directors seek to reverse the pension contributions made 6 years ago by their predecessors. The payments were allegedly unlawful but not illegal.
As a settlement it has been suggested that the contributions could be reversed.
Is this possible?
What would be the tax implications for the company, having received corporation tax relief on the contributions?
The contributions have been invested in commercial property, currently standing at a capital loss.
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