The following Employment Tax guidance note Produced by Tolley in association with John Hayward provides comprehensive and up to date tax information covering:
The non-registered pension schemes, in respect of which there are reporting requirements to HMRC, covered by this note are:
Employer Financed Retirement Benefit Schemes (EFRBS)
overseas pension schemes in respect of migrant member relief
transfers from overseas pension schemes to the UK
qualifying recognised overseas pension schemes (QROPS)
The relevant legislations are FA 2004, s 251(1)(a), (2)(e)–(f) and SI 2005/3453.
There are two main areas where information must be provided to HMRC, as follows:
when the EFRBS started
annually, when benefits are provided from the EFRBS
By 31 January, following the end of the tax year in which a scheme comes into operation, the following must be sent to HMRC:
the name of the scheme
the name and address of the responsible person
the date the scheme came into operation
The named ‘responsible person’ is in charge of making this report and any subsequent annual reports. The ‘responsible person’ is defined in ITEPA 2003, s 399A.
A scheme ‘comes into operation’ on the first occasion when either of the following takes place:
an employer contributes to the scheme
benefits are provided from the scheme
The particulars required when a scheme starts should be sent to the trust office dealing with the trust through which the scheme operates, or if the scheme is not operated through a trust. The particulars should be sent to:
In addition, the following must be sent to HMRC annually by 7 July following the end of the tax year in which any relevant benefit is provided:
the name, address and National Insurance number of the recipient of the relevant benefit
the nature of the relevant benefit (eg if it is a pension payment or a lump sum)
the amount of the relevant benefit
The list should be sent to the HMRC office that deals with any PAYE scheme operated by the EFRBS or, if there
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