RPSM11103310 - Technical Pages: Lifetime allowance: The process for testing: In member's lifetime: Information from scheme: Notice to member when a chargeable amount arises

The notice the scheme administrator must provide to the member after the BCE has taken place and a chargeable amount has arisen

Where a chargeable amount arises at a BCE, the scheme administrator must send the member a notice that

• provides the member with full details of the chargeable amount that has arisen at the BCE(s),
• shows how this was calculated and
• shows the amount of lifetime allowance charge due.

The scheme administrator must also tell the member which of the following applies

• the scheme administrator has already accounted for the due tax, or
• the scheme administrator intends to do so at a later date.

This information enables the member to complete their self assessment tax return.

The notice must be sent within 3 months of the BCE.

Penalties

If the scheme administrator fails to provide this notice to the member within the required deadline they will be liable to penalties - see RPSM12100020.