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When pension scheme administrators reclaim tax relief using relief at source, the draft regulations require scheme administrators to submit the annual return of individual information within 3 months of the end of the year of assessment.
This will ensure HM Revenue and Customs (HMRC) can advise administrators of the correct rate of tax relief to apply to members’ contributions following the introduction of the Scottish rate of income tax.
The draft regulations also require administrators to submit the annual claim within 3 months of the end of the tax year of assessment. The draft regulations will also introduce a process change and interest charge for excess relief claims.
These changes will result in a common filing date and will ensure consistency and fairness by encouraging scheme administrators to report and repay excess relief without delay.
Find out more in the tax information and impact note Pensions Tax: Changes to administration of Relief at Source