The latest edition of HMRC’s newsletter includes a link to its new guidance on the “fit and proper persons” rules for registered scheme administrators (see above), and a reminder on how to apply for Individual Protection 2014 (IP 2014). IP 2014 allows individuals to retain a personalised lifetime allowance equal to the value of pension saving on 5 April 2014, subject to a maximum of £1.5 million. An application for IP 2014 must be made to HMRC by 5 April 2017.
In brief, HMRC’s latest newsletter contains the following:
- a reminder for administrators that the relief at source form for the tax year 2013/14 should be submitted by 6 October 2014;
- information on the planned transition of Pension Schemes Services online content to the Gov.UK website;
- guidance on the “fit and proper persons” rules (see above);
- information on the application process for IP 2014;
- a reminder that pension scheme members who have made contributions in excess of £40,000 per year will soon be receiving their annual allowance statements for the 2013/14 tax year. There is also a link for scheme members to enable them to assess whether they need to calculate their annual allowance tax liability; and
- an announcement that the Pension Schemes Services helpline automated service has been updated.
View Newsletter no. 65.