HMRC has published pension schemes newsletter 134, bringing together the latest news for scheme administrators, employers and advisers.
The newsletter summarises three Autumn Budget 2021 pensions measures:
Pensions tax administration – noting that the government intends to address the disparity between lower earners in pension schemes under net pay arrangements (NPA) and those in schemes which operate relief at source, by introducing a system of top-up payments made directly to individuals in NPA schemes. The top-ups will be payable on pension contributions from the 2024/25 tax year onwards and will be made in arrears, with the first payments being made in 2025/26.
Digitisation of relief at source – the government intends to digitise the current paper claims system for relief at source to improve the process and reduce errors.
Scheme Pays reporting – the government will extend scheme pays reporting and payment deadlines with effect from 6 April 2022.
The newsletter also highlights a further extension to covid-19 pension scheme administrative relaxations. HMRC is to continue to allow scanned/emailed versions of the following (i.e. without a ‘wet signature’) until 31 March 2022:
HMRC has published pension schemes newsletter 134, bringing together the latest news for scheme administrators, employers and advisers.
The newsletter summarises three Autumn Budget 2021 pensions measures:
Pensions tax administration – noting that the government intends to address the disparity between lower earners in pension schemes under net pay arrangements (NPA) and those in schemes which operate relief at source, by introducing a system of top-up payments made directly to individuals in NPA schemes. The top-ups will be payable on pension contributions from the 2024/25 tax year onwards and will be made in arrears, with the first payments being made in 2025/26.
Digitisation of relief at source – the government intends to digitise the current paper claims system for relief at source to improve the process and reduce errors.
Scheme Pays reporting – the government will extend scheme pays reporting and payment deadlines with effect from 6 April 2022.
The newsletter also highlights a further extension to covid-19 pension scheme administrative relaxations. HMRC is to continue to allow scanned/emailed versions of the following (i.e. without a ‘wet signature’) until 31 March 2022:
