HMRC opened our latest twice-yearly meeting on 9 May with an apology for the very late appearance of Minutes of the previous meeting in October 2017. Only two action points remained outstanding and were addressed in this meeting.

Policy Team update

Another apology was offered, this time for the short consultation period on the recent amendments to the Relief at Source (RAS) Regs which require scheme administrators

to submit the annual return of individual information within 3 months of the end of the year of assessment (ie by 5 July) instead of the previous 6 months. The Regs also introduced a new 90-day time scale from 6 April 2018 for the reporting and repayment of excess relief claimed in an interim claim, along with an interest charge if the reporting and/or repayment is made after the 90-day period. (It could have been worse: this 90-day period was originally going to be limited to 30 days.) However, HMRC understood the concern

about time required for system changes and will introduce transitional arrangements for 2018/19.

Two further SIs were laid in March relating to the overseas transfers regime, covering the attribution rules (amount which attracts UK tax when a payment is made out of a RNUKPS) and transfers back to the UK, the latter finally tackling a potential carousel to obtain multiple PCLSs . . .

11 May 2018   Check other news items