Fixed Protection 2012 - is it bust in this case?

Hi all

Searching the hive mind for experience or opinions on this one.

We have a client who had Fixed Protection 2012 (£1.8 million LTA). His accountant, knowing nothing about the LTA, recommended the client make a pension contribution in 2014 which he did - which would normally result in FP2012 being lost. Having realised the error, however, the contribution was cancelled and refunded to him.

Question is, in light of the cancelled premium, is it reasonable to assume his FP2012 hasn't actually been lost? He's since applied for IP2014, but I think that unless he's actually told HMRC that FP2012 has gone, it's still there. Am I right?

Outsourced paraplanner for The Paraplanners.  President of the Scottish Petanque Association


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