In specie contribution update 

Many of you will be aware that along with nearly all other SIPP operators, Dentons ceased accepting contributions in the form of in specie assets in 2016. This followed notice of HMRC refusing tax relief on these contributions based on their interpretation of legislation, which they maintain, requires contributions to be made as a monetary sum.

Sippchoice, a provider acquired by Dentons in January this year, appealed the HMRC interpretation and in a First Tier Tribunal hearing earlier this year, Judge Heather Gething upheld the appeal. 

However, HMRC have the right to appeal the ruling, which we understand is their intention. Because of this, Dentons will continue to accept only contributions in monetary form until the process has run its course and a clear outcome has been reached.