Guidance

Pension schemes newsletter 113 – August 2019

Published 29 August 2019

1. Relief at source - annual returns of information for 2018 to 2019

a. Annual return of information – interim repayments

As we explained in pension schemes newsletter 112 the deadline for submitting your 2018 to 2019 annual return of information and APSS590 declaration to HMRC has passed, but we know that there are still returns outstanding from scheme administrators who’ve submitted interim repayment claims for 2019 to 2020. Any subsequent interim repayments will be withheld, pending receipt of the outstanding information.

If you submit your annual return of information but your return fails processing, we’ll still deem this to be outstanding and will stop any subsequent interim repayments pending successful re-submission.

If your submission fails for a third time we’ll stop all future interim repayments to your scheme until a further re-submission is received and is deemed successful.

b. Annual return of information – residency status reports

It’s also really important that you successfully submit your annual return of information and the APSS590 declaration for 2018 to 2019 by 30 September 2019.

Successful submission by 30 September 2019 will ensure that we can give you the correct residency status for your members on your January 2020 notification of residency status report. You can then use this to give your members tax relief from 5 April 2020 and claim the right amount of repayment from HMRC.

2. Relief at source - APSS106 annual claims for 2018 to 2019

We also want to remind pension schemes operating relief at source that they must submit the APSS106 - registered pension schemes relief at source annual claim for 2018 to 2019 to HMRC by 5 October 2019.

3. Annual allowance – pension savings statements for 2018 to 2019

In pension schemes newsletter 112 we reminded scheme administrators about the deadline for issuing annual allowance pension savings statements for tax year 2018 to 2019.

We want to clarify that by 6 October 2019 you must issue annual allowance pension savings statements for tax year 2018 to 2019:

• to your scheme members who made pension savings of more than the annual allowance to your pension scheme
• where you have reason to believe that they have flexibly accessed their pension rights, their pension savings under money purchase (and where appropriate hybrid) arrangements under your scheme are more than £4,000

You can find more information about this requirement in the Pensions Tax Manual at PTM167100.

If a member exceeds their annual allowance (standard or tapered as applicable to the individual) or the money purchase annual allowance (or both) across all pension schemes and does not have sufficient unused annual allowance to carry forward from previous tax years, an annual allowance tax charge will be due.