Alongside regular updates HMRC’s Pension Schemes Newsletter 170 for May includes the following points of particular interest for practitioners:
Residence requirement for administrators: from 6 April 2026 all pension scheme administrators of a UK registered pension scheme will be required to be UK resident. The newsletter summarises the implications for administrators in a range of scenarios and confirms that using a UK postal address does not in itself make the administrator UK resident. Practitioners acting on behalf of administrators who need to be removed as a result of the change will need to be reappointed by a UK resident administrator.
Lifetime allowance abolition and lump-sum reporting: HMRC highlight updated guidance on how to correct an individual’s tax record where a lump sum has been reported incorrectly. This is important procedural information for employers.
Lifetime allowance protections: HMRC confirm that the lifetime allowance protection look-up service will move into the...
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Alongside regular updates HMRC’s Pension Schemes Newsletter 170 for May includes the following points of particular interest for practitioners:
Residence requirement for administrators: from 6 April 2026 all pension scheme administrators of a UK registered pension scheme will be required to be UK resident. The newsletter summarises the implications for administrators in a range of scenarios and confirms that using a UK postal address does not in itself make the administrator UK resident. Practitioners acting on behalf of administrators who need to be removed as a result of the change will need to be reappointed by a UK resident administrator.
Lifetime allowance abolition and lump-sum reporting: HMRC highlight updated guidance on how to correct an individual’s tax record where a lump sum has been reported incorrectly. This is important procedural information for employers.
Lifetime allowance protections: HMRC confirm that the lifetime allowance protection look-up service will move into the...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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