In this newsletter published on 31st July 2018, HMRC give updates on the following topics:
- Master trust
- Registering a pension scheme
- Taxation of flexi access pensions
- Annual Allowance
- Relief at source
- Pension Flexibility
- Manage and register online service
Some areas of interest from the newsletter are:
As a pension scheme administrator you must tell HMRC if your scheme becomes or ceases to be a Master Trust within 30 days of either event. Use APSS578 form to inform HMRC.
From 1 October 2018, a new authorisation regime comes into effect for Master Trusts. Master Trusts operating at that date will have to apply for authorisation from The Pensions Regulator (TPR) within a 6 month application period. If they do not obtain authorisation they will not be able to operate and will have to wind up.
HMRC will also be able to de-register a scheme which is a Master Trust and doesn’t receive or subsequently loses its TPR authorisation.
New Master Trusts commencing operation after 1 October 2018 can apply at any time, but cannot operate until authorised. If your scheme is a Master Trust under the Pension Schemes Act 2017, you should approach TPR for further information. HMRC can refuse to register a pension scheme that is a Master Trust and does not hold authorisation by TPR.
Further to the article in Pension Schemes Newsletter 100 the pensions annual allowance calculator is now back online.
The quarterly release of official statistics on flexible payments from pensions for the period 1 April to 30 June 2018 has now been published.
Further to this, HMRC can now provide more information on the number of tax repayment claim forms (P55s, P53Zs and P50Zs) processed in respect of pension flexibility payments.
From 1 April to 30 June 2018 HMRC processed:
- P55 = 9,558 forms
- P53Z = 3,614 forms
- P50Z = 1,305 forms
Total value repaid: £28,997,768
Please note that this document was prepared by a third party and as such Brewin Dolphin is not responsible for the content or able to answer queries on the topics dealt with. While we believe it to be correct at the time of writing, Brewin Dolphin is not a tax adviser and tax law is subject to frequent change. Therefore you should not rely on this information without seeking professional advice from a qualified tax adviser, who should also be able to assist you with any questions on the content.
This document was prepared as a general guide only and does not constitute tax or legal advice.