Pensions Industry Stakeholder Forum minutes
11 July 2018
The minutes have been made available from the last meeting of the Pensions Industry Stakeholder Forum.
Devolution
One of the topics under discussion was the complexities for pension relief at source that devolution brings due to the Scottish and Welsh Income Tax rates. HMRC explained that work in this area continues and it is currently engaging with devolved authorities, and whilst appreciating that pension scheme administrators need certainty about this, has no additional information to share at this time.
One attendee explained that they’d carried out work with pension scheme administrators to see how prepared they are for Scottish Income Tax and Welsh Income Tax. The attendee explained that feedback received from scheme administrators is that it may already be too late to have an orderly change to their systems for the 2019 to 2020 tax year. HMRC asked if the attendee could ask scheme administrators if they’d be able to accept a C code for Welsh taxpayers, if this was added to the relief at source notification of residency status report.
HMRC said that it will continue to engage with the pensions industry on the issues with relief at source and will provide further information as soon as it is available.
Topics also under discussion included:
- Relief at source regulations – excess relief
- Trusts Registration Service (TRS)
- Manage and Register Pension Schemes service
- Annual allowance
- Reporting of multiple small pots
- Reporting of non-taxable death benefits
- Scottish Income Tax
- Recognised Overseas Pension Schemes (ROPS) notifications list
- Lifetime allowance
- RTI and pension schemes
- Annual return of individual information – temporary address
- Excess relief schedule
- Tapered annual allowance guidance
View the Pensions Industry Stakeholder Forum Minutes from the meeting held on 9 May 2018.
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CIPP comment The Pensions Industry Stakeholder Forum is an HMRC-sponsored forum that has been set up to help HMRC better manage its relationship with pension industry stakeholders and representative bodies. It is the main route of engagement on operational issues. If you have anything you would like Policy to raise on your behalf, please email us with the details. |