queries they receive about savings issues). In this regard, the tax treatment of lump sums is a particular cause of concern.
This new report ‘Savings income: routes to simplification’ from the OTS looks at the taxation of people’s savings income and identifies areas that might be simplified. The report provides a comprehensive picture of the taxation of: • interest and dividend income • ISAs • pension withdrawals • life insurance bonds • collective investment vehicles such as unit and investment trusts. The report identifies nine areas where further work would be beneficial, including: • a review of the various savings rates and allowances, and the interactions between them, to identify options to streamline the income tax calculation • drawing up a personal tax roadmap to clearly set out the government’s vision for personal taxation, including plans for savings income • improving guidance on the taxation of savings income, particularly on the treatment of pension lump sums, an area of particular confusion • simplification of ISAs, including a review of the rules on withdrawals from the Lifetime ISA.
Back to Contents
Countdown bulletin 34 – May 2018 31 May 2018
This publication provides important guidance and information to pension scheme administrators about the end of contracting-out, which although came to an end in April 2016 schemes are still submitting termination and transfer notices with end dates on or after 6 April 2016.
These bulletins provide important updates for pension scheme administrators to enable them to make sure all individual’s contracted out pension rights are secured correctly.
Countdown bulletin 34 includes updates on:
• Automation of scheme cessation files • New automated solution - change of responsible paying authority/buy out • Not in scheme Contributions Equivalent Premium • Automation file submissions • State Scheme Premium payments
Previous editions of the Countdown Bulletin are also available on GOV.UK.
Back to Contents
Pension schemes newsletter 99 – May 2018 1 June 2018
HMRC’s latest newsletter highlights that the new Manage and Register Pension Schemes service for pension scheme administrator registrations and applications to register a pension scheme.
Pension Schemes Online service
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
Page 515 of 598
Made with FlippingBook - Online magazine maker