PENSION SCHEMES NEWSLETTER 86
HMRC's April edition of the PSN covers ten topics:

1. In specie contributions to registered pension schemes (web link)

In order to clarify the position on the contribution of assets to registered pension schemes, HMRC has summarised its view on the legislation and guidance provided by PTM 042100, as promised during discussion at the recent Stakeholder Forum.

Contrary to industry speculation, HMRC has not changed its view:

  • "it is, and has always been, our view that the only contributions on which tax relief can be claimed under sections 188 or 196 of Finance Act 2004 are those made in cash. Where any other type of asset is acceptable, this is specifically provided for in the legislation. Examples of this are sections 195 and 196B to 196L of Finance Act 2004;

  • "it is possible under contract law to give effect to a pre-existing obligation to make a cash contribution with the transfer of an asset or assets as demonstrated by the example in PTM042100 in the PTM;

  • "the changes to the guidance made during the move from the Registered Pension Schemes Manual to the . . .

21 Apr 2017   Check other news items


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