All HM Revenue & Customs (HMRC) articles – Page 2
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NewsTisa calls for pension decumulation policy reform
On the go: The Investing and Saving Alliance is calling on regulators and the government to reform pension decumulation policy that will impact four main areas.
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NewsBudget 2021: Public sector members to get McCloud tax exemption
On the go: HM Revenue & Customs announced on Wednesday a series of measures to ensure public sector scheme members will not have to pay extra tax if they receive an uplift in their benefits due to the McCloud remedy.
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NewsBudget 2021: Government announces net pay tax relief top-up
Individuals making pension contributions to net pay schemes from 2024-25 will be eligible to claim a top-up, the government has confirmed, while a £71m investment has been earmarked for modernising pensions tax relief administration.
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NewsEstate agents bring legal action against Purplebricks in pensions row
On the go: Online estate agency Purplebricks is facing legal action from more than 100 of its self-employed estate agents, who claim they are entitled to a workplace pension, contributions and holiday pay.
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NewsPensions tax relief ‘cost’ hits £42bn
On the go: The ‘cost’ of pensions tax relief increased by £4.4bn to £41.3bn between 2017-18 and 2019-20, data from HM Revenue & Customs has shown.
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NewsPrivate sector auto-enrolment participation stalls in 2020
On the go: The number of private sector workers auto-enrolled into a pension scheme has decreased by 1 per cent for the first time since the introduction of auto-enrolment, despite opting out figures remaining stable during lockdown, new data has shown.
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NewsHMRC extends reporting and payment deadlines for scheme pays
On the go: HM Revenue & Customs has extended the deadline for savers who want to use their pension scheme to settle tax charges from a previous year.
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NewsLCP calls for simplified pensions tax relief limit
On the go: LCP partner and pensions tax specialist Karen Goldschmidt has called for a simplification of the pensions tax relief limits as data released by the government show the number of people affected by annual and lifetime limits has increased.
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NewsACA warns of inadvertent damage to pensions advice market
On the go: The Association of Consulting Actuaries has warned HM Revenue & Customs against causing accidental damage to the pensions advice market.
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PodcastsPodcast: Trustees should focus more on scheme admin in anti-scam fight
Podcast: The Pensions Ombudsman has declared schemes should have their transfer and due diligence procedures updated within a month of new anti-scams guidance. Compliance will require a huge amount of administrative time and resources, and trustees should give scheme administration more focus. LCP partner Francesca Bailey and Pensions Management Institute president Lesley Alexander talk scams, dashboards and corporate activity.
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NewsOmbudsman gives providers a month to update transfer processes
The Pensions Ombudsman expects pension providers to update their transfer processes, due diligence checks and member communications within one month of the new scams regulatory guidance being issued.
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NewsLow earners miss out on £150m in pensions tax relief
On the go: Low earners have missed out on almost £150m in pensions tax relief, according to new analysis from Quilter.
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NewsCall to scrap ‘draconian’ MPAA as savers raid pension pots
On the go: A total of £2.6bn was withdrawn from defined contribution pension schemes under the government’s flexible payment rules during the first quarter of 2021, an increase of 6 per cent year on year from the £2.5bn taken out during the same period last year, according to new statistics from HM Revenue & Customs.
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Third of schemes had data breaches in the past year
On the go: One-third of pension schemes have had their data breached in the past 12 months, according to new research.
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HMRC sets final GMP reconciliation deadline
On the go: HM Revenue & Customs has set July 31 as the final deadline for defined benefit schemes to request their final guaranteed minimum pensions reconciliation data cuts.
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PodcastsPodcast: Timms calls for pension transfer rules change
Podcast: The current law governing transfers is not fit for purpose and there are too many bodies involved in handling pension scams, according to Work and Pensions Committee chair Stephen Timms.
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Industry calls on HMRC to help solve GMP tax issues
On the go: Although welcoming the new guidance from the Pensions Administration Standards Association on guaranteed minimum pensions equalisation tax issues, industry voices are calling for more collaboration from HM Revenue & Customs as several problems remain unsolved.
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NewsGovt opts for deferred choice underpin solution to McCloud
The government has confirmed it will opt for the deferred choice underpin solution to the McCloud problem, which despite being the right choice according to pensions specialists, will open the floodgates of administration woes for public sector schemes.
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GMP tax guidance expected to land in February
On the go:Guidance from the Pensions Administration Standards Association on the tax implications of guaranteed minimum pensions equalisation is expected to be published next month, according to an update from the body’s dedicated working group.
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Opperman calls for HMRC to participate in scams task force
On the go: The minister for pensions and financial inclusion, Guy Opperman, has said he would like to see HM Revenue & Customs have a more active participation in combating pension scams.