Pension schemes newsletter
A new pension schemes newsletter has been published by HMRC. The latest edition of the newsletter (issue 46) covers the following topics:
- Scheme sanction charge process. Pension Schemes Services will no longer issue the scheme sanction charge assessment within 30 days of receipt of the event report.
- Penalties for failure to submit an Accounting for Tax return. There are changes to the penalties for failure to submit an Accounting for Tax Return (AFT) for periods ended 31 March 2010 onwards.
- New penalties for failure to submit a self-assessment tax return. From April 2011, there are new penalties for late filing and late payment of the self-assessment return.
- Restriction of pensions tax relief. Finance Bill 2011 published on 31 March 2011 includes changes to the annual allowance and lifetime allowance draft legislation. There is also a helpful Appendix listing the key dates for the restrictions of pension relief.
- Budget 2011. A summary of a number of pension related measures announced in the recent Budget including disguised remuneration legislation, employer asset-backed pension contributions and the enabling retirement savings programme.