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Accounting for tax HMRC’s draft regulations

Freshfields Bruckhaus Deringer LLP
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United Kingdom
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November 8 2011

HM Revenue & Customs (HMRC) has published draft regulations amending the requirements for schemes to submit Accounting for Tax returns electronically so that a scheme manager of a currently-relieved non-UK pension scheme can send the Accounting for Tax Return to HMRC in hard copy, not just electronically

Calculating annual allowance

Freshfields Bruckhaus Deringer LLP
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United Kingdom
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November 8 2011

HM Revenue & Customs (HMRC) has released useful examples for calculating how much Annual Allowance (AA) is used up in relation to two features in defined benefit arrangements

Query over 'scheme pays'

Freshfields Bruckhaus Deringer LLP
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United Kingdom
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September 20 2011

The ‘scheme pays’ mechanism the process by which members who exceed the Annual Allowance can have their relevant tax charge paid via the pension scheme, has been queried by the Association of Consulting Actuaries (ACA) in their recent letter to HM Revenue & Customs (HMRC

Finance Act 2011: changes to tax relief on pensions now in place

Freshfields Bruckhaus Deringer LLP
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United Kingdom
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August 10 2011

The Finance Act 2011 received Royal Assent on 19 July 2011

Revised guidance on HMRC’s online service

Freshfields Bruckhaus Deringer LLP
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United Kingdom
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August 10 2011

HM Revenue & Customs has reworked its user guide for Authorised Practitioners and Scheme Administrators of registered pension schemes in relation to its online service, ‘Pension Schemes Online’

Removal of the age-75 rule

Freshfields Bruckhaus Deringer LLP
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United Kingdom
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September 5 2011

In our previous bulletin we informed you that the age-75 restrictions in tax legislation have been relaxed by the Finance Act 2011 and that there is now no specific tax requirement for a member to draw an annuity or scheme pension

HMRC guidance: annual allowance for overseas pension schemes

Freshfields Bruckhaus Deringer LLP
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United Kingdom
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September 5 2011

HM Revenue & Customs (HMRC) has issued guidance providing answers to 13 questions on the annual allowance rules for overseas pension schemes