On 31 December 2007, HMRC published its Pensions Tax Simplification Newsletter 32.
The newsletter covers the following topics:Interim arrangements for changes announced in the Pre Budget Review 2007 - HMRC has published new guidance for pension scheme administrators.
Regulations update - The following regulations have been laid:
- the Registered Pension Schemes (Authorised Member Payments) Regulations 2007 - these regulations provide that where payments are made to with-profits policyholders as part of a scheme which makes a reattribution of an inherited estate associated with the with-profits fund, these payments will be authorised member payments;
- the Registered Pension Schemes (Meaning of Pension Commencement Lump Sum) (Amendment) Regulations 2007 - rules relating to Pension Commencement Lump Sums were changed by the Finance Act 2007 and these regulations make minor consequential amendments to the Registered Pension Schemes (Meaning of Pension Commencement Lump Sum) Regulations 2006; and
- the Employer-Financed Retirement Benefits (Excluded Benefits for Tax Purposes) Regulations 2007 - these regulations list the non-cash benefits from employers to their former employees and their families which are to be excluded from taxation and are backdated to 6 April 2006.
- Correction to Newsletter 31 - HMRC has corrected an error in the original version in the section “Inheriting Tax Relieved Pension Savings”. The erroneous version stated that “this is not to apply where the scheme has less than 20 members”, whereas it should have read “this is not to apply where the scheme has more than 19 members”.
- E-filing for registered pension schemes - HMRC has issued a reminder to administrators to register to use Pension Schemes Online as soon as possible if they have not already done so. Electronic filing has been mandatory since 16 October 2007.
- Registered Pension Scheme - return reminders have been sent out by HMRC to scheme administrators.
- Event Reports - the deadline for scheme administrators to submit Event Reports is 31 January 2008.
- SA970 Pension Scheme Self Assessment Returns - these tax returns for trustees of registered pension schemes can only be submitted in paper form. Details are set out in Newsletter 25.
- TPR Scheme Return - this is issued to trustees by TPR and should be submitted on TPR's online system "Exchange". Details of TPR Scheme Return can be found on TPR's website.
- Registered Pension Schemes Manual (RPSM) - the latest update to RPSM was published on 4 December 2007 and contains guidance on the Finance Act 2007.
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