Pensions

HMRC have issued updated guidance, a new tool and form to allow pension scheme members to apply for fixed protection 2014.

Taxpayers will need to know their National Insurance number to use the form, which must to be completed in one attempt. It cannot be saved and reopened later. Onscreen assistance can be accessed via the question mark icons. (Those who prefer not to use the online service can complete a paper version.)

Stephen Charles Willey (TC2731)

A client has turned 60 and has been advised that he is entitled to a pension as a result of a relatively short period of employment in the civil service many years ago. He pays tax at 40% on earnings, meaning he would prefer to defer payment of the pension until he retires from full-time employment, but will the tax liability also be deferred?

The taxpayer has received a pension payment relating to the protected rights of his late wife. Tax has been deducted under PAYE, but does this income form part of relevant UK earnings?

Joost Lobler (TC2539)

The government provides valuable reliefs for pension premiums, but complications can arise

John Mander Pension Scheme Trustees Ltd v CRC, Upper Tribunal (Tax and Chancery Chamber)