BeeHive > BeeLines > HMRC Pensions Simplification Newsletter #32 - The Continuation of Simplification
HMRC Pensions Simplification Newsletter #32 - The Continuation of Simplification
Talk about all your Christmases coming at once; we’re no sooner back at work than the latest explanation of simplification from the tax guys hits the newsstands. I can hardly contain myself – the collection of these on the side of my desk is growing all the time; fabulous!
I know loads of you are avid collectors too so I’ve once again included a link (HMRC Newsletter 32) here for you to follow to get your very own downloadable copy to add to your set. The first thing I looked for in issue 32 was an apology for the error that crept into issue 31 (if you remember that issue was itself apologising for an error in a previous issue, which all goes to show just how complicated it can be to simplify things I guess). That error, which was all about the inheritance of tax-relieved savings, is corrected in this issue, but if you want to read the press article I wrote for Pensions Management magazine predicting this you can get to that by clicking on this link here: The Bee side - Simplification is not to be misconstrued
Marvellous stuff. But, back to the mundane; perhaps you’d value a run down of this the thirty-second newsletter published since A-Day (remember A-Day?) back in April 2006. To start with there’s a link to some revised guidance for pension scheme administrators following the changes wrought by the last Pre-Budget Report and an update on the raft of new regulations affecting pension schemes that have been laid since the last newsletter two months ago. Then, as I said, there’s the correction to the stuff about inheriting pensions and also a reminder about the various e-filing dates for administrators and practitioners to be aware of.
There are some timely reminders too concerning Registered Pension Scheme Returns, the submission of Event Reports, SA970 Tax Returns and the returns required by the Pensions Regulator. There’s a link to new guidance too on the tax implications for Scheme Administrators employing an ‘avoidance device that seeks to take advantage of a combination of rules within the pensions tax legislation to allow a member of a registered pension scheme to extract the funds from their pension scheme tax-free’. Probably worth a glance by the sounds of it.
To round off the issue there’s an update on the updating of the online Registered Pension Schemes Manual (the RPSM) that finally took place on the 4th of December. You may recall my BeeLine on the subject of the RPSM being out of date and still not reflecting the Finance Act 2007 changes (A-Day ‘Bible’ hits the rocks) that, purely coincidentally was published on the BeeHive on the 3rd of December. Timing, as a guy called Bob Monkhouse once told me, is everything…
4 January 2008
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