PSI23.1.9 - Penalties Procedures: Information
Required Without Notice - What is required and when - Regulation
5
(This archived guidance relates to HMRC discretionary
practice before the 6th April 2006. For current guidance on
Registered Pension Schemes see the Registered Pension Schemes
Manual)
Regulation 5 requires SSASs to report the
following transactions on the relevant form specified by the Board.
In each case the relevant supporting documentation required is
explained on the form.
| Information | Time limit | Specified Form |
:land or buildings
| The acquisition or
disposal of land or buildings | Not later than 90 days
after the date of the transaction | PS 7012 and copies of
leases and independent valuations where appropriate
(This text has been withheld because of exemptions in the
Freedom of Information Act 2000) |
:loans
| The lending of money
to the employer or an associated company | " | PS 7013 and copy of
loan agreement in all cases |
:shares
| The acquisition or
disposal of shares in the employer or associated company or in an
unlisted company | " | PS 7014 and copies of
supporting documents as specified |
:borrowing
| The borrowing of
money | " | PS 7015 and copy of
loan agreement as specified |
:misc
| Miscellaneous sales,
acquisitions and leases | " | PS 7016 and copies of
independent valuations and leases as specified |
:employer information
Regulation 6 requires all schemes (not just
centralised schemes) to provide the following information:
| Information | Time limit | Specified Form |
| Details of new
participating employers or replacement principal employers | Not later than 180
days after the end of the scheme year in which the event takes
place | PS 274 (PS 403 for
simplified schemes) and deed of adherence |
| Details of new name or
address of any employer participating in any scheme | " | PS 256 (there is no
need to submit a certificate on incorporation of change of
name) |
| Details of any
employer ceasing to carry on a trade or business | " | " |
| Details of any change
in the degree of association between participating employers | " | " |
:special contributions
| Information | Time limit | Specified Form |
| Regulation 7 requires schemes to report special
contributions paid to a scheme which exceed ½ the permitted
maximum
or the total of other contributions paid to that
scheme (whichever is greater) unless certified by an actuary as
being for the sole purpose of financing cost of living increases
for existing pensioners | Not later than 180
days after the end of the scheme year in which the chargeable
period - during which the special contribution was paid - ends | PS 251 |
:controlling directors
| Information | Time limit | Specified Form |
| Regulation 8 requires schemes to report the
admission to scheme membership of someone who is or has been at any
time within 10 years prior to joining the scheme a controlling
director or in the event of an existing scheme member becoming a
controlling director | Not later than 180
days after the end of the scheme year in which the event
occurs | PS 255 |
:benefits on retirement due to incapacity or serious
ill-health
Regulation 9 requires schemes to report proposals
for controlling directors to retire on incapacity or serious
ill-health. (There are no specified forms for reports.) All
notifications under this regulation are dealt with by Compliance
Audit Section (CAS) and practitioners have been asked to address
the reports to them. If any slip through to General Section they
should be referred to CAS
immediately by hand with the file if it is
available, but
without waiting for the file to be recalled.
Recall the file at the same time and send it to CAS when you
receive it.
| Information | Time Limit |
-serious ill-health
| Proposals to wholly
commute a controlling director's benefits on grounds of serious
ill-health. The proposal should include medical evidence confirming
that the serious ill-health satisfies the conditions of PN 8.16 and
copies of documents recording the administrator's authorisation of
the payment. | Not less than 14 days
before the date of the proposed payment of
benefits. |
-incapacity
| Proposals to pay
benefits to a controlling director on retirement on grounds of
incapacity. The proposal should include medical evidence of the
incapacity and copies of documents recording the administrator's
authorisation of the payment. | Not less than 28 days
before the date of the proposed payment of benefits. |
Chargeable events
Regulation 10 requires schemes to report the
following taxable events:
Information
|
Time Limit
|
Specified Form
|
| Contributions (other
than surplus AVCs, see below) refunded to employees or former
employees during their lifetime | Not later than 30 days
after the end of the tax year in which the event occurs | 1(SF) |
| Payments of surplus
AVCs to employees | " | " |
| *Commutation on grounds of triviality or serious
ill-health | " | " |
| Payments to an employer
out of scheme funds | " | " |
*This differs from Regulation 9 in that it
requires reporting of the amounts actually paid rather than just
notice of the proposed retirement. Furthermore it applies to all
scheme members, not just controlling directors.
: chargeable events - Insurance Companies
Information
|
Time Limit
|
Specified Form
|
| Regulation 11 requires
insurance companies to supply the information specified in
Regulation 10 where a pension has been secured by the purchase of
an individual annuity contract. This provision is necessary because
the administrator of the scheme has no continuing legal
responsibility once the benefits are bought out. | Not later than 180 days
after the end of the insurance company's chargeable period in which
the event occurs | 2(SF) |
