Tax & Accounting News

Tax returns for pension schemes

02/01/2008

HMRC decided not to issue self assessment tax returns to all pension schemes from 6 April 2007. It says this is to reduce costs to both HMRC and the pensions industry. Previously, returns were issued to all self administered schemes. From 6 April 2007 they will only be issued if there has previously been any tax liability or if a repayment has been claimed.

HMRC has published guidance on which schemes will need to file (as some schemes may not have received the form but will need to make a return for 2006/07 nonetheless). Pension schemes must file a return if they can answer Yes to any of the following questions:

- Has a return (form SA970) been issued by HMRC?
- Has the scheme made any repayment claims in the last two years?
- Is the scheme due a repayment of tax?
- Has the scheme any other tax liability to declare?

 

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