HM Revenue & Customs is investigating a number of cases of potential intellectual property overvaluation in small, self-administered schemes provided by Clifton Asset Management.
A spokesman for the Somerset-based wealth management firm said it had been in correspondence with HMRC about 13 cases – but added that a “larger number” had had protective assessments raised so that HMRC could look at them if it needed to, negating a time limit.
HMRC’s concern is that if an asset is transferred to a pension scheme at the incorrect value, there could be a loss of tax to the Treasury.
All of the schemes are business owners who invested in their own intellectual property and who supplied information directly to the specialist intellectual property valuer.
The spokesman said: “All intellectual property valuations are provided by our external panel of specialist intellectual property valuers that are entirely independent to satisfy HMRC and protect the pension fund and its trustees.
“Clifton also works with government agencies such as the Intellectual Property Office and professional bodies to further the understanding and development of intellectual property as the government recognises it as a hugely valuable asset class for facilitating business funding.
“As the IPO has stated, intellectual property valuation is not a hard science, so there will always be differing opinions as to its value.”
The spokesman added that it is not unusual to receive queries about intellectual property valuations.
Intellectual property has been a permitted asset class since “A-Day” in April 2006, which saw a wide range of pension reforms introduced.
Clifton has been investing in intellectual property since 2006 and a spokesman for the company said that since then none of its schemes involving intellectual property valuations had resulted in an unauthorised payment charge being paid.
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A spokesman for HMRC said it did not comment on matters relating to identifiable taxpayers.
