SI 2018/5 - The Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2018
Released 09 January 2018
SI 2018/5 amends SI 2006/567 and SI 2006/208 to create a new reportable event from 2018-19 and reflect the reduction in the money purchase annual allowance from 2017-18.
The Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2018 make amendments to the Registered Pension Schemes (Provision of Information) Regulations 2006 (SI 2006/567); and the Pension Schemes (Information Requirements for Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pensions Schemes and Corresponding Relief) Regulations 2006 (SI 2006/208), which specify the requirements for the provision of information by persons such as scheme administrators of registered pension schemes and scheme managers of overseas pension schemes under FA 2004, Pt. 4. Reg. 3 inserts a new entry in the table in SI 2006/507, reg. 3(1) (provision of information by scheme administrator to HMRC) to provide for a reportable event when a scheme becomes, or ceases to be, a Master Trust scheme. Reg. 3 also specifies the time limit for providing the new information required to HMRC. The amendments in reg. 3 have effect for the tax year 2018-19 and subsequent years. The amendments made by Reg. 4, 5 and 7 are consequential on the amendments to FA 2004, Pt. 4 made by F(No.2)A 2017, s. 7 which reduce the level of the money purchase annual allowance from £10,000 to £4,000, with effect from 6 April 2017. The amendments in regulations 4, 5 and 7 have effect for the tax year 2017-18 and subsequent tax years. Power to make legislation with retrospective effect is contained in FA 2004, s. 282(A1), which allows regulations made under Pt. 4 of that Act to include provision having effect in relation to times before they were made if the provision does not increase any person’s liability to tax. The regulations come into force on 30 January 2018.
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