If the
scheme administrator relies on a statement made by
a member and the information provided turns out to be incorrect,
which results in the scheme administrator either wrongly
calculating that a
lifetime allowance charge did not arise at a
BCE, or that the charge due was lower than the
true amount, they may apply to HMRC to be discharged from their
liability.
HMRC will discharge the scheme administrator from their
liability where they accept, and it is clearly demonstrated, that
the scheme administrator acted in good faith - see
RPSM11105330.
[Reg 6 The Registered Pension Schemes (Accounting and
Assessment) Regulations 2005 – SI 2005/3454]
Where a quarterly Accounting for Tax return has been made to
HMRC that understates a liability to a lifetime allowance charge,
e.g. because of an error or omission, the scheme administrator must
immediately make an amended return to HMRC.
| Glossary ( RPSM20000000) |
