previous tax year and give individual tax payers an indication of how their taxes have been spent by government.
The information in the tax summary will relate to the tax year ended 5 April 2014. Around 16 million tax summaries will be sent out by post to PAYE tax payers however self-assessment individuals will be issued with their summaries online.
GOV.UK has information about the new tax summaries which can be found at www.gov.uk/annual-tax-summary .
Under the banner of Pensions flexibility the newsletter reminds us that HMRC have recently published two separate tranches of legislation.
1. A draft of the Taxation of Pensions Bill for a four week technical consultation. 2. An amendment included in Finance Act 2014 to cover transitional issues following the announcement on flexibility at Budget 2014
The newsletter also includes information about:
Certificates of residence for registered pension schemes Pension Scams HMRC Scheme Reconciliation Service. Annual Allowance Charge (Amendment) Order
Pension scheme administrators: New requirements to be fit and proper persons
2 September 2014
HMRC have introduced new legislation and accompanying guidance relating to the fit and proper status of pension scheme administrators.
HMRC say that they are committed to combating pension liberation activity. To build on a number of recent changes to existing legislation and processes, they have introduced new legislation and guidance relating to the fit and proper status of scheme administrators.
From 1 September 2014, where HMRC believe that the scheme administrator is not a fit and proper person to be the scheme administrator, they can:
refuse to register a new pension scheme de-register an existing registered pension scheme
HMRC say that they will assume that all persons appointed as scheme administrators are fit and proper persons unless they hold or obtain information which calls that assumption into question.
When registering a new pension scheme you must now declare the fit and proper status of the scheme administrator.
Pension saving limits to be scrapped
9 September 2014
The Government have announced that restrictions limiting the amount that British workers can save towards their pensions are now set to be scrapped, following a year of negotiation between ministers and the European Commission.
The DWP announcement says that:
CIPP Policy News Journal
08/04/2015, Page 387 of 521
Made with FlippingBook - Online magazine maker