Pension schemes newsletter
A new pension schemes newsletter has been published by HMRC. The latest edition of the newsletter includes details of the following topics:
- Pension advice allowance. HMRC has been asked by pension scheme administrators if their members can request the pension advice allowance from their scheme by email. HMRC has confirmed that the member can make this request by email, however, it’s up to the pension scheme administrator to decide if they will accept requests by email.
- Relief at source – annual returns. A reminder that filing deadline for the 2016-17 return is due by 5 July 2017 and any subsequent interim repayments will be held pending receipt of the outstanding information. Historically, the deadline was 5 October but this has been brought forward to 5 July from this year.
- Scottish rate of Income Tax. HMRC published a newsletter in May 2017, for pension scheme administrators about the Scottish rate of Income Tax and how this affects registered pension schemes operating relief at source. A reminder of what was contained in the newsletter has been reprinted.
- Tax Return for the Trustees of Registered Pension Schemes (SA970). An SA970 is only required to be submitted by trustees of registered pension schemes if there has been a claim for tax paid or in the case of a first claim. This is separate to the pension scheme return (PSR) that provides HMRC with information about the scheme. A PSR only needs to be completed if HMRC issues a notice for you to do so and will be required even if you have already submitted the SA970 tax return.