News

HMRC have issued Revenue and Customs Brief (RCB) 8 (2015) to expand on their stance on the deduction of VAT on pension fund management costs.

HMRC plan to publish new pensions guidance in draft form in early spring. The Pensions Tax Manual (PTM) will replace the current Registered Pension Schemes Manual (RPSM).

The transition of Revenue pensions content to GOV.UK means some RPSM guidance aimed at scheme members and their advisers, employers and scheme administrators appears on the pension pages of the government web hub.

Pension holders are being urged to “scam-proof their savings”, as part of a campaign by the Pensions Regulator, ahead of imminent changes to the law.

Under-55s have been the primary target of fraudsters offering to release pensions as loans or upfront cash.

With new flexibilities set for next month to give over-55s more freedom on how they access their retirement pots, the regulator has moved to alert younger savers and scheme trustees to the risks of pensions swindles.

The rates and bands for residential property transactions subject to the Scottish land and buildings transaction tax have been revised, with an extra level added following advice from tax professionals. The new figures are set to apply from 1 April.

Citizens Advice will provide the face-to-face pension guidance set to be launched next April, the Treasury has announced.

The free service is aimed to help workers understand their options as they approach retirement age, following the introduction of new pensions rules.

Citizens Advice will work with the Pensions Advisory Service, which will deliver guidance over the telephone.

An online offering is also planned by the government, which intends to legislate to underpin the guidance, making imitation of the guidance service a criminal offence.

The rates for Scotland’s land and buildings transaction tax (LBTT) have been announced.

Details of the tax – the first to be introduced by Scottish parliament in 300 years – were unveiled in Scotland’s draft Budget for 2015/16.

Stamp duty penalties revised

The process for applying for a certificate of residence for a registered pension scheme has retooled with effect from 4 August.

Form APSS146E must be used by the owner of the scheme assets, or an authorised third party, to request a certificate.

There is no need to send another APSS146E if HMRC already hold a completed form that details who owns the assets.

If an APSS 146 has not been completed because the scheme owner has not previously reclaimed UK tax, he or she can apply for a certificate of residence providing in writing:

The government is looking at whether changes should be made to the way property authorised investment funds (PAIFs) and co-ownership authorised contractual schemes (CoACSs) are treated for stamp duty land tax (SDLT) purposes.

HM Treasury has launched a consultation, Stamp Duty Land Tax: Rules for Property Investment Funds, which sets out proposals and how they ought to be implemented, and seeks views on the potential design.

HM Treasury has launched a consultation on the expansion of social investment tax relief and a new relief for social investment via an intermediary.

The plans aim to gather views on how to increase the investment limit and bring in a wider range of investors while keeping the relief well targeted and effective and minimising opportunities for tax avoidance. The consultation document also requests opinions on the approach to community farms, renewable energy and social impact bonds.

Guaranteed guidance on pensions choices will be provided by independent organisations rather than by schemes or their providers, the government has announced following consultation on this year’s Budget announcements.

News measures will allow individuals to transfer from private sector defined benefit (DB) schemes to defined contribution (DC) schemes, subject to two safeguards: