RPSM12301320 - Scheme Administrator Pages: Information Requirements and Administration: Information the scheme administrator is required to give to HMRC: The Accounting for Tax Return
The Accounting for Tax Return
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| [Section 254 Finance Act 2004]
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| [Reg. 4 The Registered Pension Schemes and Overseas Pension Schemes (Electronic Communication of Returns and Information) Regulations 2006 [SI 2006/570] |
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| Reg. 2 The Pension Benefits (Insurance Company liable as Scheme Administrator) Regulations 2006 [SI 2006/136] |
Completing a return
An Accounting for Tax Return in electronic format is provided for this purpose and is available on the HMRC website, by going to Pension Schemes Online. The completed form must be delivered to HMRC electronically within 45 days beginning with the day immediately following the end of the relevant 3-month period. A practitioner can submit the Accounting for Tax Return if authorised by the scheme administrator to do so.
Paying income tax due
The income tax in respect of which the return is made must be paid within the same time limit as is given for completion of the return, that is within 45 days following the end of the 3-month period. It is payable without the making of an assessment by HMRC. See page RPSM12301330 for more details.
Amending returns
If a return which has been filed for a quarter is subsequently found to be incorrect, the scheme administrator or authorised practitioner, must submit an amended return for the quarter, also by electronic means. To do this, the scheme administrator or authorised practitioner should log into Pension Schemes Online on the HMRC website and follow the links to trace the return they originally submitted, then amend it and re-submit it.
Insurance company liability
Where one of the following payments is made by an insurance company from an annuity or insurance contract, the insurance company is responsible for submitting the accounting for tax return, and is liable to the penalties under s260(1) if it fails to account for the tax, and penalties under s260(6) if an incorrect return is fraudulently or negligently made
- pension protection lump sum death benefit
- annuity protection lump sum death benefit
- unsecured pension fund lump sum death benefit.
Where registration is withdrawn
Where the registration of a pension scheme has been withdrawn, the person who is the scheme administrator immediately before withdrawal retains all obligations to HMRC in connection with accounting for tax under this provision.
| Glossary RPSM20000000 |
