HMRC pension schemes newsletter – January

07 February 2023

HM Revenue and Customs’ (HMRC’s) January pension schemes newsletter brings the following updates for those in charge of pension schemes or their administration:

  • Relief at source
    • Notification of residency status reports should have been received
    • What to do if you have not received the report
  • Pension flexibility statistics
    • HMRC can now give more information on tax repayment claim forms processed
  • Managing pension schemes
    • Event reporting – from April 2023 new event reports will not be able to be submitted on Pension Schemes Online, pensions schemes will need to be migrated and reports submitted on the Managing Pension Schemes service
    • Pension scheme return – in 2024 a pension scheme return functionality will be added to the Managing Pension Schemes service
    • Guidance on how to migrate to the service
    • HMRC would like your help to improve the new service and provides details on how to give your feedback
  • Accounting for Tax (AFT) returns
    • All AFT returns for any quarter after 1 April 2020 must now be submitted on the Managing Pension Schemes service
    • From 1 April 2023 there will be new questions for the annual allowance and lifetime allowance. These are for schemes impacted by the McCloud remedy. Schemes not impacted may continue to use the existing CSV templates
  • Pension scheme transfers
    • HMRC has updated the guidance on transferring a scheme members savings.

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.