The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
You should also enter the taxable element of the lump sum, or sums, paid in the ‘taxable pay to date’ and the ‘taxable pay in this period’ fields on the full payment submission (FPS).
If you have applied emergency code to a serious ill health lump sum payment to a member and they want to reclaim in year any excess tax paid, they should do so using the P53Z .
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Pensions annual allowance tax calculator 3 October 2016
HMRC has introduced a new online calculator for individuals to work out how much annual allowance they will get for 2016 to 2017 and later tax years.
For the 2016 to 2017 tax year (and onwards), if an individual’s ‘adjusted income’ is over £150,000 their annual allowance in the same year will be reduced.
It won’t be reduced if the individual’s ‘threshold income’ for that year is £110,000 or less - no matter what their adjusted income is.
For every £2 of adjusted income that goes over £150,000, the annual allowance for that year drops by £1. The drop is limited so that the minimum tapered annual allowance someone can have is £10,000.
Individuals will need to work out their threshold income and work out their adjusted income before they check their pension annual allowance to see if they:
have to pay tax because thier pension savings for the tax year go above the annual allowance have any unused annual allowances to carry forward.
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Are Defined Benefit schemes in crisis? 5 October 2016
In a new Pensions Regulator blog, the executive director for regulatory policy, shares his thoughts on Defined Benefit pension scheme deficits.
The Pensions Regulator (TPR) has launched a new blog , which showcases the news and views of TPR senior staff in their own words. They will be covering a variety of subjects, from how to engage people with pensions and savings, to how TPR will be helping newly-created companies meet their automatic enrolment duties. In this first edition, executive director for regulatory policy, Andrew Warwick-Thompson, shares his thoughts on DB pension scheme deficits – and how calculating them on a scheme-specific, rather than a buyout basis can lead to very different news headlines.
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Countdown bulletin 20 - October 2016 17 October 2016
This countdown bulletin provides important guidance and information to pension scheme administrators about the ending of contracting-out - part of the New State Pension which was brought in on 6 April 2016.
The countdown bulletins are produced by the National Insurance Services to Pensions Industry (NISPI).
The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
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