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(overseas pension schemes: migrant member relief),
(b) relief from tax has been so given at any time after 5th April 2006 under double tax arrangements,
(c) a member of the scheme has been, or members of the scheme have been, exempt from liability to tax by virtue of section 307 of ITEPA 2003 (exemption for provision made by employer for retirement or death benefit) in respect of . . .
16 Mar 2018
Pension Schemes Newsletter 96
has arrived this week and the topic of relief at source again features heavily.
There is the usual reminder about how to submit the annual return of individual information for 2017/18 onwards. HMRC can provide 'controlled access' to the residency status look up service this month, before it goes 'fully live' from April 2018.
On the topic of excess relief, HMRC points out that, for interim claims for tax months
ending on or after 5 April 2018, the Registered Pension Schemes (Relief at Source)(Amendment) Regulations 2018 (SI 2018/150
) introduce a 90 day deadline for scheme administrators to give HMRC information about excess relief claimed and repay the excess relief to HMRC. It has published new guidance
on how to report and pay back excess relief claimed through relief at source. There is also a spreadsheet
which can be used to submit the information in the correct format.
There is no need to include information about Scottish starter rate taxpayers who pay tax at 19%, but who have received relief at source at 20%, when telling HMRC about excess relief claimed.
Form APSS 105 has been updated accordingly. For interim claims ending on or before 5 April 2018, combined details of both UK and Scottish taxpayers can be included in Part 2. For interim claims . . .
09 Mar 2018
trustees or managers of relevant money purchase occupational pension schemes to
(a) publish scheme transaction costs and administration charges; and
(b) provide information to members and recognised trade unions, on request, about certain funds in which their money is invested.
The DWP launched a consultation on draft proposals in October 2017 . . .
02 Mar 2018
As flagged in PSN 95
, on Wednesday this week HMRC issued
another newsletter on relief at source for the Scottish Rate of Income Tax (SRIT). This immediately followed the Scottish Parliament's confirmation on 20 February 2018
of the new Scottish Income Tax rates and bands to apply from 6 April 2018.
For the tax year 2018/19, members of pension schemes who get pension tax relief through the 'net pay' mechanism will receive relief, by default, at members'
marginal rate of tax, including the new and newly increased Scottish rates. For members of schemes which use the relief at source (RAS) mechanism, the process will not be so smooth.
Administrators of a pension scheme using RAS will continue to claim tax relief at the rate of 20% for members who are Scottish taxpayers.
For pension scheme members who are Scottish taxpayers liable to income tax at
no more than Scottish starter rate of 19%, or who pay no tax, current tax rules will continue to apply. Scheme administrators will continue to claim relief at 20% in respect of these individuals, and HMRC will not recover the difference between the Scottish starter and Scottish basic rate.
Pension scheme members who are Scottish taxpayers liable to income tax at the Scottish intermediate rate of 21% . . .
23 Feb 2018