The value of investments and any income from them can fall and you may get back less than you invested.

Pension schemes newsletter 103

The latest HMRC pension schemes newsletter covers:

  • updating scheme administrator details
  • operating PAYE on pension payments
  • Master Trusts
  • reporting of non-taxable death benefits
  • Relief at Source
  • Annual allowance - pension savings statements for tax year 2017 to 2018
  • Trust Registration Service

Issues of interest

Reporting of non-taxable death benefits

They now aim to fix this in October, and we’re sorry for any inconvenience this delay may cause. We will continue to keep you updated through our pension schemes newsletters at the end of each month.

To request an email when this issue is fixed please email: pensions.businessdelivery@hmrc.gsi.gov.uk putting ‘Reporting of non-taxable death benefits – fix’ in the subject line of your email.

Annual allowance - pension savings statements for tax year 2017 to 2018

Reminder to scheme administrators that by 6 October 2018 they must issue annual allowance pension savings statements for tax year 2017 to 2018 to all members who contributed more than the annual allowance to their pension scheme.

Trust Registration Service

Pension schemes that are registered with HMRC

Pension Schemes Newsletter 98 explained that if a registered pension scheme is a trust, the scheme trustees do not need to register separately on the Trust Registration Service (TRS) to meet their reporting obligations under The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 when they incur a UK tax liability.

Trustee’s of a registered pension scheme seeking a repayment on investment income or gains and that do not have a Unique Taxpayer Reference (UTR), must first complete an APSS146 form and then form SA970 to apply for a repayment of Income Tax that has been deducted from the investment income of the registered pension scheme.

Pension schemes that are not registered with HMRC

Trustees of a pension scheme that is not registered with HMRC but is set up as an express trust, that incurs a UK tax liability and already has a UTR, will need to register on TRS no later than 31 January after the end of the tax year in which you the UK tax liability was incurred. This is to meet reporting obligations under The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

For those that don’t already have a UTR, the trustee will need to register by 5 October after the end of the tax year in which the charge became due so that tax can be paid on pension investment income or gains for the first time. This is to make sure the trustee gets a UTR in time to meet the self-assessment filing deadline.

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.

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