HMRC has issued its latest Pensions Tax Simplification Newsletter. The Newsletter provides an update on the following three areas:
Code of Practice 10
This is the Code which explains the circumstances in which HMRC will offer assistance and advice where practitioners are uncertain about HMRC’s application of the law or the application of the law to a particular transaction.
HMRC has reconsidered the deadline for provision of such assistance in relation to the Finance Act 2004 and has extended that deadline until the Finance Bill 2010 receives Royal Assent. The deadline for enquiries relating to the 2005 Finance Acts and the Finance Act 2006 will also expire at that time.
Scheme sanction charge/unauthorised payment
HMRC is to carry out a review before raising any scheme sanction charges against scheme administrators. Unauthorised payments should still be reported.
Registering a new death in service or Group Life Assurance Scheme
These schemes do not provide a pension benefit on retirement but simply provide death in service cover for employees. They should be registered online for tax relief purposes in the same way as an occupational pension scheme.
View the newsletter.