Pension schemes newsletter 135

HMRC has published pension schemes newsletter 135 highlighting a number of issues for administrators of relief at source schemes, the latest news on migration to the Managing Pension Schemes Service, and an annual allowance charge reminder:

• Relief at source: administrators who missed the 30 September 2021 deadline to submit their annual return of information for 2020/21 are encouraged to do so as soon as possible. Where returns have been ‘successfully submitted’, HMRC will send out notifications of residency tax status in January 2022. Notifications should also be available online from mid-January.
• Pension scheme migration: the Managing Pension Schemes Service now allows administrators to view pension schemes which they need to migrate.
• Annual allowance: scheme members who have exceeded their annual allowance for 2020/21 (with insufficient carry-forward from the previous three years) must declare any excess in their tax return (even if they elect for ‘Pension Scheme Pays’).