Pension Schemes – New HMRC powers
Three new statutory instruments came into effect on 1 April 2010 which relate to the collection and provision of information in relation to the taxation of pension schemes. The existing powers under which HMRC gathers information about pension schemes are being replaced by the provisions contained in Schedule 36, Finance Act 2008 in line with other taxes.
The powers contained in Schedule 36 are designed to allow HMRC to obtain up-to-date information from taxpayers about their tax position and also from third parties.
Under special provisions in Schedule 36, a notice requiring information from a third party in relation to a pensions matter must be copied to the scheme administrator for the registered pension scheme or the person responsible for the employer financed benefit scheme, as the case may be, the notice relates to. The requirement is removed in certain circumstances.