HMRC Tax Simplification Newsletter #34 - The Last One!
I know you fellow avid collectors out there will be shocked to hear it, but the tax guys have just dropped a bombshell on us by saying that their latest Newsletter (number 34 in the long-running series) will be the last. The simplification newsletters started coming out just after A-Day (remember A-Day? – it seems so long ago now doesn’t it?) and they’ve been an invaluable resource for all those of us who are tasked with helping people understand the new simplified tax regime that’s oh so hard to get your head around if you’re a normal person.
If you’re like me your copies of the first thirty-three newsletters will take pride of place on the corner of your desk and will not only have no dust accumulated on them, but will be noticeably well-thumbed too. But this latest issue is to be the last in the set.
The good news is that the HMRC people aren’t doing away with the newsletter, rather they appear to be re-branding it. While this is the last ‘Simplification Newsletter’ we are told we can look forward to receiving our regular updates under the new title of ‘Pensions News’. So, we can now start a new pile on our desks and marvel again at how high it gets over time as the details of simplification get ever clearer.
This last issue in the first series of our enlightenment covers the important extension that’s been granted to put off the effects of something called ‘Code of Practice 10’. For those of you who’ve got "what’s that when it’s at home?" written all over your faces at this point; an explanation (and I quote):
If you are uncertain about our interpretation of the law, or the application of the law to a particular transaction, Code of Practice 10 says that we will answer questions about the application of legislation in the last four Finance Acts. You need to provide us with the information listed in Appendix 1 of the Code of Practice.
The bulk of pensions tax legislation is in Finance Act 2004 and so the time limit would have expired with the passage of Finance Act 2007. However, the Finance Act 2004 pensions tax legislation did not come into force until 2006. So, last year, we extended the deadline for that legislation by one year and agreed to reconsider the deadline in 2008.
We have now decided to extend the deadline for that legislation for two more years. The deadline for Code of Practice 10 enquiries relating to pensions legislation in Finance Act 2004 will expire when Finance Bill 2010 receives Royal Assent. The deadline for enquiries relating to pensions legislation in the 2005 Finance Acts and Finance Act 2006 will also expire at that time. The usual Code of Practice 10 deadline will apply in relation to pensions tax legislation in later Finance Acts.
So now you know. There are also nuggets in this last newsletter on scheme sanction charges and unauthorised payments and registering death-benefit and life assurance schemes. In short, this one’s got it all. You can download your very own copy to add to the pile on your desk by simply clicking on the following link: HMRC Newsletter #34
So, that’s it for this BeeLine. Roll on issue #1 of Pensions News…..
28 July 2008
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