Policy paper

Draft legislation: the Income Tax (Pay As You Earn) (Amendment) Regulations 2016

Draft legislation on changes to the PAYE regulations regarding Real Time Information (RTI) reporting.

Documents

The Income Tax (Pay As You Earn) (Amendment) Regulations 2016

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Explanatory memorandum to the Income Tax (Pay As You Earn) (Amendment) Regulations 2016

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Details

HM Revenue and Customs has published draft regulations and draft explanatory memorandum for a technical consultation. The draft regulations make changes to the PAYE RTI regulations consequential to changes made by the Taxation of Pensions Act 2015 which allow individuals to access their pension savings flexibly, and the changes in the taxation of lump sum death benefits following the changes made in Finance (No 2) Bill 2016.

The changes require pension providers to indicate in their real time information returns whether the payment they are making includes a payment of a certain type.

Comments on the drafts should be sent by email to pensions.policy@hmrc.gsi.gov.uk by 8 January 2016.

Published 9 December 2015