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HMRC has published Pensions Schemes Newsletter 159. It includes articles on:
Lifetime allowance (LTA) abolition – HMRC has clarified the tax treatment of benefits to which an individual became entitled before 6 April 2024 but which are paid after this date such as members who died before 6 April 2024 who have benefits distributed other than as lump sums after this date.
Relief at source – the deadline for submitting the 2023-24 annual return of information is 5 July 2024. HMRC has also launched a National Insurance number checking service.
Managing pension schemes service – a reminder that event reports for the tax year 2023-24 onwards must be filed on the managing pension schemes service. From 6 April event 24 has been added for 2024-25 return to report lump sums/death benefits. This was introduced as a result of the abolition of...
