HMRC Pension Schemes Services Newsletter 64
19 August 2014
Applications can now be made online and there is an online tool which aims to help individuals decide whether to apply for IP2014. The Lifetime allowance checking tool can be found at the HMRC website or via a link in the Newsletter 64.
The Newsletter also contains information about the tax summary which HMRC plan to send out to approximately 24 million tax payers in October 2014. The new personal tax summary will show how income tax and national insurance contributions have been calculated for the previous tax year and give individual tax payers an indication of how their taxes have been spent by government.
The information in the tax summary will relate to the tax year ended 5 April 2014. Around 16 million tax summaries will be sent out by post to PAYE tax payers however self-assessment individuals will be issued with their summaries online.
GOV.UK has information about the new tax summaries which can be found at www.gov.uk/annual-tax-summary.
Under the banner of Pensions flexibility the newsletter reminds us that HMRC have recently published two separate tranches of legislation.
1. A draft of the Taxation of Pensions Bill for a four week technical consultation.
2. An amendment included in Finance Act 2014 to cover transitional issues following the announcement on flexibility at Budget 2014
The newsletter also includes information about:
- Certificates of residence for registered pension schemes
- Pension Scams
- HMRC Scheme Reconciliation Service.
- Annual Allowance Charge (Amendment) Order