Pension schemes newsletter 86
26 April 2017
In specie contributions
Over the past six months HMRC has received a number of requests to clarify their technical understanding of the contribution of assets to registered pension schemes. This method has become known as making an in specie contribution. The first article in the latest newsletter summarises HMRC’s view on the legislation and guidance.
Scottish rate of Income Tax
HMRC has received a number of queries from pension scheme administrators about the Scottish rate of Income Tax and how this affects registered pension schemes operating relief at source. They are planning to publish a newsletter on this subject in early May to update you on their work and progress to date including:
- implementation timelines
- technical specifications
- information on the enrolment process onto Secure Data Exchange Service
- information on the output that scheme administrators can expect from HMRC.
- Registration statistics
- Relief at source
- Lump sum death benefits – information requirements
- Pension flexibility statistics
- Lifetime allowance
- Contacting Pension Schemes Services
- Qualifying recognised overseas pension schemes (QROPS)
- Annual allowance scheme pays.