This Practice Note provides an overview of the tax treatment of UK registered pension schemes (in particular regarding income tax and national insurance contributions). It summarises the main tax rules applicable to member and employer contributions, scheme assets (including investment returns on those assets) and scheme benefits paid out of the scheme. It also considers the tax treatment of UK private pension arrangements that are not registered pension schemes.
This Practice Note focuses on the considerations applicable to trustees and employers of a defined benefit (DB) scheme when considering transferring to a DB superfund.
This Practice Note looks at the basics of what Value Added Tax (VAT) is in relation to the employer’s business, HMRC's policy on establishing the ‘immediate and direct link’ necessary to enable an employer to reclaim VAT and how this policy changed over time. This includes the 70/30 split, the distinction made by HMRC between ‘management’ and ‘investment’ costs, tripartite contracts, VAT grouping and trustee subcontracting. This Practice Note also looks at the VAT exemption applicable in respect of DC schemes.
This Precedent is suitable for use by the trustees (or trustee company) of an occupational pension scheme to record the arrangements put in place to manage their conflicts of interest, in accordance with the Pensions Regulator’s guidance on conflicts of interest.
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