HMRC’s pension schemes newsletter 159 (April 2024) provides various updates, including the following:
Public service pensions remedy: Pension Scheme newsletter 156 has been updated to confirm that, where interest is paid as required by an employment tribunal or Treasury directions in respect of the late payment of a benefit that is an authorised payment, the interest itself will also be an authorised payment. The interest payment will therefore not be subject to an unauthorised payment tax charge.
Lifetime allowance abolition: HMRC has clarified the tax treatment of benefits to which an individual became entitled before 6 April 2024 but which are paid after that date. For example, payment of pension commencement lump sums after 5 April 2024 or payment of multiple lump sum death benefits after 5 April 2024.
Relief at source: a reminder that the deadline for submitting the 2023–24 annual return of information is 5 July 2024. HMRC has also launched a National Insurance number checking service.
Managing Pension Schemes service: a reminder that Event Reports for the tax year 2023–24 onwards must be filed on the Managing Pension Schemes service, and that Event 24 will be added for 2024–25 returns to report lump sums/death benefits.
HMRC’s pension schemes newsletter 159 (April 2024) provides various updates, including the following:
Public service pensions remedy: Pension Scheme newsletter 156 has been updated to confirm that, where interest is paid as required by an employment tribunal or Treasury directions in respect of the late payment of a benefit that is an authorised payment, the interest itself will also be an authorised payment. The interest payment will therefore not be subject to an unauthorised payment tax charge.
Lifetime allowance abolition: HMRC has clarified the tax treatment of benefits to which an individual became entitled before 6 April 2024 but which are paid after that date. For example, payment of pension commencement lump sums after 5 April 2024 or payment of multiple lump sum death benefits after 5 April 2024.
Relief at source: a reminder that the deadline for submitting the 2023–24 annual return of information is 5 July 2024. HMRC has also launched a National Insurance number checking service.
Managing Pension Schemes service: a reminder that Event Reports for the tax year 2023–24 onwards must be filed on the Managing Pension Schemes service, and that Event 24 will be added for 2024–25 returns to report lump sums/death benefits.
