Six new chapters added to HMRC pension manual
OK, the Revenue guys as you know are busy as anything at the moment trying to put together a comprehensive manual covering all of the pension changes kicking in because of the 2004 and 2005 Finance Acts and the 2004 Pensions Act. It’s a big job and we’ve been tracking it every step of the way for readers of your friendly neighbourhood BeeHive. So guess what? They’ve added another six chapters to the ‘Technical Pages’ part of the manual that’s what.
The Technical Pages are the bits I like the most as they’re where we find out the chapter and verse stuff of how all this new legislation actually works (or is meant to, anyway). The six new chapters that have been added are as follows:
- Chapter 5 – Contributions and tax relief
- Chapter 6 – Annual allowance
- Chapter 7 – Investments
- Chapter 9 – Member benefits
- Chapter 11 – Lifetime allowance
- Chapter 14 – Transfers
Overall, the Technical Pages part of the HMRC website will eventually have fifteen main sections including the Glossary. So far we have seen four sections up to now (Chapters 2, 3, 8 and the Glossary (which should be Ch.15, but is numbered Ch. 20 on the site for some reason)).
So, following the publication of these new chapters, the state of play as of today is as follows:
- Chapter 1 – About the manual [Still under development]
- Chapter 2 – Registering a pension scheme with HMRC
- Chapter 3 – Protecting members’ rights from tax charges
- Chapter 4 – Taxation [Still under development]
- Chapter 5 - Contributions and tax relief [NEW*(Member contribution only, the section on Employer contributions is still under development)]
- Chapter 6 – Annual allowance [NEW*]
- Chapter 7 – Investments [NEW*]
- Chapter 8 – Pension age
- Chapter 9 – Member benefits [NEW*]
- Chapter 10 – Death benefits [Still under development]
- Chapter 11 – Lifetime allowance [NEW*]
- Chapter 12 – Administration [Still under development]
- Chapter 13 – International [Still under development]
- Chapter 14 – Transfers [NEW*]
- Chapter 15 (or 20?) – Glossary
So, there you have it. There’s plenty to read up on for anyone who’s interested (like, why are you on the BeeHive if you’re not?)
You can get to the Technical Pages on the HMRC site by following the link just here.
That’ll take you through to the main contents page of the Technical Pages part of the site and you should be able to find your own way around from there. Don’t forget each chapter has its own headings and they all have sub points and sub sub points etc etc. It’s all built for the web so it can be easily updated in future, but that does mean you need to find your way around it if you want to use it. If you remember my previous BeeLines on this manual you’ll know that there simply won’t be a paper version of it printed, so the web version is what we’d better get used to I guess. Enjoy…..
20 September 2005
This document is based on Scottish Life's current understanding of the Finance Act 2004. This may be affected by future changes in legislation and the individual circumstances of the investor. Independent advice must be sought regarding the effect on a specific individual or scheme.
Any research and analysis included has been provided by us for our own purposes and the results of it are being made available only incidentally.