Tax repayments for pension schemes
Changes have been announced to the procedures for registered pension schemes to claim in year repayments of tax. These repayments relate to UK tax paid on the investment income of registered pension schemes and will take effect from 1 August 2009.
The changes are as follows:
- A new de minimis limit of £5,000 for in year requests
- A maximum of one repayment request per month for in year repayment requests
- Pension schemes that are required to complete a self-assessment return [SA970] can only submit in year repayment requests up to the end of the year to which the tax relates. Any further claims will need to be submitted on the SA970 form.
This new guidance will be incorporated into the Registered Pension Schemes manual (RPSM) later in the year. In addition, some new guidance relevant to trust based registered pension schemes is also expected later this year.