Part 2Unauthorised payments

Chapter 2Top-up payments and excess amounts

Top-up payments

5.—(1) Section 208 of FA 2004 (unauthorised payments charge) has effect, in relation to a top-up payment, as if—

(a)in subsection (2) for “person” there were substituted “persons”;

(b)in subsection (2)(a) for “is the person” there were substituted “are the person and the scheme administrator”;

(c)in subsection (2)(b) for “is the recipient” there were substituted “are the recipient and the scheme administrator”.

(2) Section 240 of FA 2004 (scheme sanction charge: amount of charge) has effect, in relation to a top-up payment, as if—

(a)in subsection (1) “40%” were replaced with “15%”;

(b)subsections (2) to (4) were omitted.

(3) Section 241 of FA 2004 (scheme sanction charge: scheme chargeable payment) has effect as if an interest payment were specified in subsection (2) as an unauthorised payment that is exempt from being scheme chargeable.