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HMRC Pensions Tax Simplification Newsletter #27
It must be something in the water up in the Nottingham area I guess; the tax guys have put out yet another Pensions Simplification Newsletter. I don’t know about you, but I’ve just barely finished reading the last one. Who’d’ve thought there’d be so much to explain about simplification?
Anyway, issue number twenty-seven in the series deals with some pretty important changes to the way that pension scheme administrators will have to deal with Her Majesty’s Revenue & Customs from now on. They seem to have coined a new word for this new process they call ‘e-mandation’ (which Google tells me was first used in Newsletter number nineteen and this appears to be its second outing). Basically it’s all about the electronic filing of information with HMRC. Worth remembering, I’d say, in case it comes up in a quiz night.
What it’s all about is that from 16 October 2007 it will be mandatory for scheme administrators, who could be either pension providers or trustees, to file certain information electronically, including:
- an application to register a pension scheme
- a Registered Pension Scheme Return
- an Accounting for Tax Return
- a Scheme Administrator’s Declaration
- an Event Report
- notification of Winding-up a Registered Pension Scheme
- notification of Termination of a Scheme Administrator’s Appointment
That’s a big change that will require process changes from scheme administrators and will presumably put pressure on the HMRC system at the same time, particularly as anyone who sends in a paper copy of information after 16 October will have it returned to them (as it has not been received by the prescribed method) and it will be treated as never having been received. So it’s a my way or the highway approach on this one.
‘e-mandation’, then looks like it’s something administrators and other pension types need to understand. A good way of doing that would be to download your own copy of Newsletter #27 by clicking on the link here:
http://www.hmrc.gov.uk/pensionschemes/newsletter27.htm
18 April 2007
Source: HMRC: Pensions Tax Simplification website - Newsletter No 27
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