The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
HMRC will use Shared Workspace to provide your closure scan data. If you have already registered to receive Scheme Reconciliation Service (SRS) output and have completed the above form, the closure scan output will be placed in your current SRS e-room between January and March 2017.
If you don’t currently have access to Shared Workspace, you will need to register here .
The closure scan output will be similar to the SRS output but will show Type 6 and Type 7 as the member types (unlike SRS where the member types are 1 to 5).
Type 6 is where HMRC has closed the open membership entry using the SCON provided on the FPS. The output will show: SCON Member Type NI NO Surname initials Start/ End date Total GMP Post 88 GMP Revaluation Rate Terminating ECON Type 7 is where we have the SCON recorded but have been unable to close the open membership entry The output will show: SCON Member Type NI NO Surname Initials Type 7 outputs should be used to reconcile membership of your scheme. Where you disagree with HMRC records, please raise a “not in scheme” query as soon as possible after receiving your data as HMRC will use the SCON provided by the employer, to close the membership in your scheme.
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Changes to tax treatment of foreign pension regimes 13 December 2016
Draft legislation has been published to align the tax treatment of foreign pensions more closely with the UK’s domestic pension tax regime.
As announced at Autumn Statement 2016, the government will legislate in Finance Bill 2017 and introduce regulations to align the tax treatment of foreign pensions more closely with the UK’s domestic pension tax regime.
Changes will include:
bringing foreign pensions and lump sums fully into tax for UK residents, to the same extent as domestic pensions and lump sums closing specialist pension schemes for those employed abroad (section 615 schemes) to new saving extending from 5 to 10 tax years the UK’s taxing rights over recently emigrated non-UK residents’ foreign lump sum payments from funds that have had UK tax relief aligning the tax treatment of funds transferred between registered pension schemes updating the eligibility criteria for foreign schemes to qualify as overseas pensions schemes for tax purposes.
Draft provisions for Finance Bill 2017 (provision 11) and a Tax Information and Impact Note ( TIIN ) have been published.
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The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
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