HMRC's latest (and short) Countdown Bulletin deals exclusively with the scheme financial reconciliation process for:

Deficit Schemes
For schemes in deficit following financial reconciliation, a letter showing the amount due will be sent to the address HMRC holds in relation to the scheme's day-to-day administration. These are expected to arrive during the week commencing 15 April 2019; HMRC wants payment by 21 May 2019 at the latest.

There will be no breakdown of the payment, which will be automatically allocated to the members identified in HMRC's exercise. The oldest debt will be allocated first until all the payment has been used.

The Bulletin makes three further 'important points':

1) HMRC will not request payments by telephone or email.

2) HMRC will write off the debt

of schemes who have an overall deficit less than or equal to £1,000.

3) For schemes that have more than £1,000 deficit, HMRC will write off debt that was raised before 18 March 2013, that is 6 years prior to the scheme financial reconciliation run date.

Surplus Schemes
Letters to schemes in surplus that have previously contacted HMRC . . .

15 Feb 2019   Check other news items