The following Employment Tax guidance note Produced by Tolley in association with John Hayward provides comprehensive and up to date tax information covering:
Created by the Pensions Act 2004, The Pensions Regulator (TPR) replaced the Occupational Pensions Regulatory Authority (OPRA) from 6 April 2005. TPR has wider powers and a more proactive and risk-based approach to the regulation of occupational pension schemes.
TPR has a clear set of objectives, as follows:
to protect the benefits of members of occupational pension schemes
to protect the benefits of members of personal pension schemes (where there is a direct payment arrangement)
to promote, and to improve understanding of, the good administration of work-based pension schemes
to reduce the risk of situations arising that may lead to claims for compensation from the Pension Protection Fund (PPF)
to maximise employer compliance with employer duties (including the requirement to automatically enrol eligible employees into a qualifying pension provision with a minimum contribution) and with certain employment safeguards
to minimise any adverse impact on the sustainable growth of an employer, in relation to the exercise of the regulator’s functions under Pensions Act 2004, ss 221–233 (Part 3)
To meet these objectives, TPR concentrates its resources on schemes which pose the greatest risk to the security of members’ benefits. The regulator also promotes high standards of scheme administration and works to ensure that those involved in running pension schemes have the necessary skills and knowledge.
Registered pension schemes have three months from the date of registration with HMRC to register the scheme with the regulator. The scheme trustees or scheme managers could face a fine if they do not do this on time.
For many schemes, the information required is very straightforward, such as the name and pension scheme tax reference number, details of the trustees, emp
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
There are several sets of provisions in the Taxes Acts which relate to ‘close’ companies, most of which are anti-avoidance measures aiming to catch transactions between those companies affected and their owners, where there may otherwise be a tax advantage. Broadly speaking, most owner-managed or
IntroductionSubsistence is the amount incurred as a consequence of business travel. Typically it relates to accommodation and meal costs incurred. These amounts are allowed because they are associated with the necessary travel. See the Travel expenses guidance note for more information of when
IntroductionUK tax must be withheld on UK payments including:•interest•royalties•rental incomeWithholding tax may be reduced under double tax treaties (DTT) or European directives, both of which may be subject to making a formal claim.This guidance note outlines the rules for UK withholding tax, and
Time for paymentTwo statutory rules apply on death:•tax is ‘due’ six months after the end of the month of death and carries interest from the ‘due’ date until paidThere is a possibility of payment by instalments, but this applies to certain types of property only ― see the ‘Availability of
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.