Pension schemes newsletter 76
19 February 2016
HMRC’s latest pension schemes newsletter highlights the importance of submitting annual returns of individual information by administrators of pension schemes operating relief at source.
There are still outstanding returns for both the 2013 to 2014 and 2014 to 2015 tax years. It will be essential that the data submitted on the annual return of individual information is made on time and is accurate so that HMRC can identify Scottish taxpayers and tell administrators the correct rate of tax to apply to scheme members in advance of the next tax year.
Pension schemes newsletter 76 also includes information on the Lifetime allowance reduction and pension flexibility - reclaiming over paid tax on death benefits.