Via Pension Schemes Newsletter 118, HMRC has acknowledged that the developing situation created by COVID-19 is creating problems for pension scheme administrators. For at least three months, but to be kept under review, HMRC is making temporary changes to pension processes:

• Rent and loan payment holidays: usually, to make sure there's a commercial basis for payment holiday on loans due from

connected parties and on commercial property rents, HMRC would expect the scheme administrator to obtain an independent valuation. Given the present situation, HMRC are content that any arm's length commercial decisions relating to registered pension schemes, including rent holidays, will not give rise to an unauthorised payment charge and can be agreed without independent valuations taking place.

APSS105 relief at source repayment claims: HMRC understands it may be

difficult to obtain wet signatures on interim repayment claims from authorised signatories. "For now", HMRC will accept scanned interim repayment claims: emailed by the authorised signatory (can be accepted without a signature); or signed and emailed by someone else, providing there is a separate email directly from the authorised signatory authorising them to submit the claim. On a temporary basis HMRC will accept submissions . . .

27 Mar 2020   Check other news items