All HM Revenue & Customs (HMRC) articles – Page 3
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News
Industry calls on HMRC to help solve GMP tax issues
On the go: Although welcoming the new guidance from the Pensions Administration Standards Association on guaranteed minimum pensions equalisation tax issues, industry voices are calling for more collaboration from HM Revenue & Customs as several problems remain unsolved.
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NewsGovt opts for deferred choice underpin solution to McCloud
The government has confirmed it will opt for the deferred choice underpin solution to the McCloud problem, which despite being the right choice according to pensions specialists, will open the floodgates of administration woes for public sector schemes.
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GMP tax guidance expected to land in February
On the go:Guidance from the Pensions Administration Standards Association on the tax implications of guaranteed minimum pensions equalisation is expected to be published next month, according to an update from the body’s dedicated working group.
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Opperman calls for HMRC to participate in scams task force
On the go: The minister for pensions and financial inclusion, Guy Opperman, has said he would like to see HM Revenue & Customs have a more active participation in combating pension scams.
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NewsEdinburgh Woollen Mill collapse leaves £17.5m pension black hole
Clothing and homeware manufacturer Edinburgh Woollen Mill’s collapse into administration has sparked fears its defined benefit scheme will not recover the £17.5m owed to it.
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Dominic Chappell jailed for tax evasion
On the go: Dominic Chappell, the former owner of BHS, has been sentenced to six years in jail for tax evasion.
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Trustees must watch out for buyout tax implications
Defined benefit trustees have been urged to be on their guard against a new interpretation of tax law that could see certain members hit by unexpected tax charges on buyout.
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Retirees deserting good value master trusts for lack of advice
Workers are ditching a widening range of retirement options offered by workplace defined contribution schemes for expensive retail products.
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New GMP guidance stops short of clarifying rules around conversion
New guidance on guaranteed minimum pensions has clarified the tax implication of equalising past inequalities between men and women, but critics have said it leaves unaddressed important questions for schemes hoping to convert GMPs into regular scheme benefits.
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United Biscuits awaits CJEU ruling in long-lasting VAT saga
On the go: The trustees of United Biscuits’ defined benefit pension scheme are waiting for a final ruling from the Court of Justice of the European Union, after the advocate general sided with HM Revenue & Customs on a long-lasting battle on value added tax.
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HMRC to issue GMP final ‘outdated’ data cuts in July
HM Revenue & Customs plans to provide defined benefit schemes with final guaranteed minimum pension data cuts by the end of July, despite confirming that some of this information might be out of date and unreliable for use in rectifying incorrect payments.
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News
HMRC admits errors in GMP final data cuts
HM Revenue & Customs has admitted that the data it has asked defined benefit schemes to use for the calculation of members’ guaranteed minimum pensions is outdated, which is expected to further delay trustees’ costly efforts to reconcile data with the taxman.
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Pensions for cash at age 35? Covid-19 scams lure distressed savers
On the go: Anxious savers are trying to cash in their pensions more than 20 years before they are allowed to do so, as they fall victim to online scammers exploiting financial distress amid the coronavirus pandemic.
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Company stung by £80,000 HMRC charge for unauthorised pension loan
A light fittings company has been hit with an £80,000 scheme sanction charge by HM Revenue & Customs for making an unauthorised loan from its pension fund to an affiliated business.
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New guidance for joint GMP rectification and equalisation
On the go: Pension schemes considering combining their guaranteed minimum pension rectification and equalisation projects can now follow new guidance published by the cross-industry GMP Equalisation Working Group.
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OpinionWhat HMRC’s guidance means for GMP in 2020
Buck’s Mark Williams explains why trustees, administrators and consultants are still facing challenges on guaranteed minimum pensions equalisation despite recent guidance from the taxman.
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OpinionGMP equalisation: Was it worth it?
Equality is a noble principle. But try applying this concept to pensions and you get all sorts of complications and perverse outcomes.
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News
Women unfairly targeted by pension anomaly
On the go: Women are being unreasonably affected by the net pay anomaly, according to government data, as pressure mounts on politicians to act.
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NewsIR35 could be employment minefield
Analysis: Many employers are ill-prepared for the pensions fallout of a complex new tax fairness rule that comes into force in just six weeks’ time, experts have warned.
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HMRC GMP equalisation guidance fails to address all tax issues
On the go: Long-awaited guidance on tax issues arising from the equalisation of guaranteed minimum pensions has failed to address key technical and tax issues, according to experts.