PENSIONS - SIMPLIFIED TAX REGIME

Below is a selection of our most recent updates on this subject.

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Guernsey 157E Schemes Denied Qrops Status

HMRC have introduced new regulations that will exclude exempt pension contracts or exempt pension trusts set up under section 157E of the Income Tax (Guernsey) Law 1975 from being QROPS if they are open to non-residents of Guernsey.
Wednesday, May 09, 2012

HMRC Consult To Extend Finance Act Members Of Foreign Schemes

HMRC is consulting on draft regulations which are intended to extend the age 75 and drawdown changes in the Finance Act 2011 to members of foreign pension schemes, which contain funds that have received UK tax relief.
Friday, April 27, 2012

Pensions In Red Tape Challenge Spotlight

The DWP is asking for views on whether a number of the existing pension regulations can be abolished or amended as part of the Government's Red Tape challenge.
Wednesday, April 25, 2012

HMRC Announce Improvements To Pension Schemes Online

HMRC have announced a number of improvements to Pension Schemes Online, which took effect from 6 April 2012.
Friday, April 20, 2012

The New Qrops Rules

This bulletin provides a link to our guide to the new QROPS rules effective from 6 April 2012.
Thursday, April 19, 2012

HMRC Issues Revised Guidance Note For Accounting For Tax Return

HMRC have issued a revised guidance note for scheme administrators regarding the completion of the quarterly Accounting for Tax returns.
Friday, April 13, 2012

Brewster High Court Judgement Requires Member'S Tax-Free Cash To Be Used To Repay Debt

The High Court ruling in the case of Blight and Others v. Brewster will enable the solicitor of the claimants to instruct the providers of Mr Brewster's pension to crystallise his benefits and pay over the 25% PCLS to the claimants.
Thursday, April 12, 2012

HMRC Clarify Small Personal Pension Pots Provisions

In discussions with the ABI, HMRC has set out a number of clarifications of how the commutation of small personal pension pots provisions will operate.
Tuesday, April 03, 2012

Pension Schemes Newsletter 53 Issued

HMRC has issued Pension Schemes Newsletter 53, which deals principally with the pension changes announced in the 2012 Budget, but also covers a number of other aspects including the retention of the 120% maximum income from a variable lifetime annuity.
Tuesday, April 03, 2012

HMRC Issue Warning Regarding Short Service Refunds

HMRC has issued a warning that where a previously contracted out DC occupational scheme makes a short service refund of contributions to a member on or after 6 April 2012 this could be an unauthorised payment, where scheme rules have not been suitably amended.
Tuesday, April 03, 2012

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