The Information Daily reports that John Swinney, Scottish Finance Secretary, has argued that the new body will cost the public a lot less than HMRC. He said, “I estimate that over the period to 2020, start-up and operational costs in pursuing this approach will be at least 25% lower than if I ask HMRC to deliver the status quo”. Swinney’s comments have come under fire from Scottish Labour and Scottish Conservatives. Gavin Brown, Scottish Conservative finance spokesman, criticised the idea as being a waste of money in hard times. He said, “Here we are in the toughest of economic times and the Scottish government's big wheeze is to create yet another quango”.
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Pensions
Abolition of contracting out on Defined Contribution
CONTRACTED OUT GUIDANCE BOOKLETS
5 October 2011
HMRC have revised the CA14C and CA14E booklets following the change in legislation from 1 October 2011. Contracted Out Guidance Booklets
FINAL COUNTDOWN BULLETIN ON THE ABOLITION OF CONTRACTING OUT ON A DC BASIS
21 March 2012
HMRC have published its sixth and final Countdown Bulletin to keep employers updated about activities linked to the abolition of contracting-out on a Defined Contribution basis.
The final issue includes:
Contracted–out Mixed Benefit (COMB) Schemes Returning incorrectly paid Age Related Rebates/Minimum Contributions and requesting repayment of an incorrect recovery Transitional Issues Payment of Age Related rebates/ Minimum Contributions
Bulletin - March 2012 - issue 6
SHORT SERVICE REFUNDS FROM PENSION SCHEMES AND CHANGES TO THE RULES ON CONTRACTING OUT
6 June 2012
Draft regulations have been published containing new tax rules for pension refunds from certain pension schemes affected by the abolition of money purchase contracting out.
HMRC has published for external comment draft regulations making consequential changes to the tax rules for registered pension schemes.
Contracting out of the state second pension through a money purchase pension scheme has been abolished from 6 April 2012. These draft regulations introduce consequential new tax rules for certain short service refunds to ensure that the contracting out changes do not
CIPP Policy News Journal
12/04/2013, Page 227 of 362
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