Pensions tax allowance deadline extended for NHS staff 10 August 2020
NHS employees are being granted, by the government, an extension on their pension scheme allowance liabilities for any tax bills that relate to tax year 2018-19.
In May 2020, due to the turbulence caused by the outbreak of coronavirus, the NHS Business Services Authority extended the original deadline from 31 July 2020 to 31 October 2020. NHS employees have now been granted an additional five months to submit to the voluntary NHS pension scheme, which means that the deadline now sits in March 2021. Where employees opt to utilise the voluntary scheme, the NHS pays their annual tax allowance bill across to HMRC, which means that the members’ benefits in retirement are reduced by an identical amount, removing the requirement for staff to settle any pension tax bills with cash upfront.
The NHS pensions department must be notified if employees wish to use the scheme, before the annual deadline for tax year 2019-20.
As reported by Employee Benefits, a spokesperson at NHS Business Services Authority commented:
“In light of the pressures faced by NHS staff during the coronavirus pandemic, the NHS Business Services Authority is keen to support our NHS colleagues. Following careful consideration, we extended the voluntary scheme pays deadline for 2018/19 by three months until 31 October 2020. We have reviewed this extension again and extended the 2018/19 deadline until 31 March 2021.”
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Recognised overseas pension schemes notification list 18 August 2020
The list of Recognised Overseas Pensions Schemes (ROPS) notifications has been updated.
The list is of schemes that have told HMRC they meet the conditions to be a ROPS and have asked to be included on the list.
There have been eight scheme names added to the list, and one amendment made. No deletions have been cited in this update.
A very welcome change is that HMRC now list the updates, as follows.
Schemes added
Australia
B and M Kelly SMSF Super Fund Clarke O’Reilly SMSF H and E Nicol SMSF Super Fund
Ogangelos Super Fund Projectability Super Fund
Guernsey
Dellinger Retirement Annuity Trust Scheme
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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