year. HMRC asked if the attendee could ask scheme administrators if they’d be able to accept a C code for Welsh taxpayers, if this was added to the relief at source notification of residency status report.
HMRC said that it will continue to engage with the pensions industry on the issues with relief at source and will provide further information as soon as it is available.
Topics also under discussion included:
• Relief at source regulations – excess relief • Trusts Registration Service (TRS) • Manage and Register Pension Schemes service • Annual allowance • Reporting of multiple small pots • Reporting of non-taxable death benefits • Scottish Income Tax • Recognised Overseas Pension Schemes (ROPS) notifications list • Lifetime allowance • RTI and pension schemes • Annual return of individual information – temporary address • Excess relief schedule • Tapered annual allowance guidance
View the Pensions Industry Stakeholder Forum Minutes from the meeting held on 9 May 2018.
CIPP comment The Pensions Industry Stakeholder Forum is an HMRC-sponsored forum that has been set up to help HMRC better manage its relationship with pension industry stakeholders and representative bodies. It is the main route of engagement on operational issues.
If you have anything you would like Policy to raise on your behalf, please email us with the details.
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Reform of employer contributions into life assurance and overseas pension schemes 16 July 2018
The draft Finance Bill 2018-19 includes the measure which concerns premiums paid by employers into life assurance products and contributions to qualifying recognised overseas pension schemes (QROPS).
These contributions are currently only tax-exempted if the beneficiary is the employee, or a member of the employee’s family or household. This measure will allow the beneficiary to be any individual or registered charity without the premiums being treated as a taxable benefit in kind. This measure modernises the exemption to ensure the tax charge remains relevant and fair. Extending the exemption to include any named individual as beneficiary allows the employee to nominate their preferred recipient irrespective of their relationship to the employee in law. This ensures that employees throughout the workforce are treated fairly and proportionately with employees in marriages or with close family.
If you have any comments on or questions about this change, please contact the HMRC Employment Income Team at: employmentincome.policy@hmrc.gsi.gov.uk.
The Chartered Institute of Payroll Professionals
Payroll: need to know
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