HMRC Pension Schemes Newsletter 126
04 December 2020
HMRC has published the latest Pension Schemes Newsletter – number 126, for December 2020, in order to update stakeholders on the latest news for pension schemes.
This edition includes articles that discuss:
- Managing pension schemes - multiple scheme administrator IDs
- Managing pension schemes - user research
- Relief at source - Notification of residency status report for 2021 to 2022
- Relief as source - receiving your notification of residency status report
- Relief at source - if you do not receive a notification of residency status report
- Relief at source - update to APSS106 updates
- Pension scheme returns for 2019 to 2020
- Signing in to online services
- In-specie contributions
- Annual allowance charge - members declaring their annual allowance charge on their Self-Assessment tax return
Managing pension schemes – user research
Within the newsletter, HMRC has thanked all of the administrators and practitioners that have assisted it with its user research for the Managing Pension Schemes service. Based on feedback, a number of new features have been developed, which will allow users to:
- Find the service
- Find out what they will need to register as a scheme administrator
- Find out what they need to apply to register a new pension scheme
- Check for scheme changes and any penalties for their Accounting for Tax return
HMRC is still requesting help in testing these new features, and anybody who is interested should email [email protected], with the subject line ‘user research’. This is the opportunity to provide feedback and to assist in the future design and development of the service.
Notification of residency status report 2021-22
In Pension Schemes Newsletter 123, scheme administrators of a relief at source pension scheme were reminded that they should have submitted their annual return of information for tax year 2019-20 by 30 September 2021 – this was to enable HMRC to provide the notification of residency status report in January 2021.
That deadline has now passed so HMRC will not be able to supply the residency report for January 2021 if the submission was not made. Scheme administrators are still required to submit their 2019-20 at their earliest convenience to prevent HMRC from stopping their subsequent interim repayments.
Annual allowance – members declaring their annual allowance charge on their Self-Assessment tax return
HMRC is asking scheme administrators to remind members that have exceeded their annual allowance for 2019-20, with insufficient unused annual allowance to carry forward to cover the excess, to declare this on their Self-Assessment tax return – even in scenarios where the scheme is paying the tax charge.
There is help available in the form of:
- The Pension savings – tax charges (Self-Assessment helpsheet HS345) - contains detailed information on how to declare the annual allowance charge on Self-Assessment returns
- There is also additional information and guidance in relation to the annual allowance, carrying forward ununsed annual allowance and paying and declaring the annual allowance charge on Gov.UK. There is also a pension annual allowance calculator
Read all of the articles in full here.
Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information.