The latest editions in the series of Tax Simplification Newsletters have been published by HMRC since last month’s update. Newsletter No. 26, published on 30 March, includes a reminder that as of 6 April 2007, the FSA will regulate the operation of Self-invested Personal Pensions (SIPPs). It also includes an announcement that the guidance on the tax deductability of employer contributions to pension schemes in computing trading profits has at last been finalised, and can be found in the HMRC Business Income Manual (at BIM46000 to BIM46198). Other articles included in the newsletter focus on the publication of a Scheme Administrator’s Helpsheet, as well as details of various HMRC form updates.
On 10 April, a special edition of the Tax Simplification Newsletter (No. 27) was published to outline the new mandatory electronic filing of pension scheme information with HMRC (referred to by HMRC as ‘e-mandation’). In a move designed to speed-up the processing of data and to reduce costs for the pensions industry, HMRC will, from 16 October 2007, require the following information to be filed electronically and in the prescribed format:
- an application to register a pension scheme
- a Registered Pension Scheme Return
- an Accounting for Tax Return
- a Scheme Administrator’s Declaration
- an Event Report
- notification of Winding-up a Registered Pension Scheme
- notification of Termination of a Scheme Administrator’s Appointment.
The newsletter contains information about the new forms and processes that HMRC has made available with effect from 6 April 2007 to support this new regime and to enable schemes to do online filing voluntarily in advance of the October deadline if they wish. It also contains sections containing frequently asked questions about the new regime and guidance for Scheme Administrators.
To download Newsletter 26 go to http://www.hmrc.gov.uk/pensionschemes/newsletter26.htm and to download Newsletter 27 go to http://www.hmrc.gov.uk/pensionschemes/newsletter27.htm.