HMRC

UK residents are being warned they could be caught up - rightly or wrongly - in a tax avoidance net cast by Portugese authorities, who may be working with their UK colleagues.

Industry officials say a contributory factor to the Treasury's withdrawal of tax relief on residential property in sipps could be because launch of the computer system to monitor such investments was at least six months behind schedule.

Following requests from the pensions industry, HM Revenue and Customs (HMRC) has published the Registered Pension Schemes Manual (RPSM) online in PDF format.

HM Revenue and Customers (HMRC) has delayed the requirement for online scheme reporting for six months after A-Day as the full service will not be completely operational until 2007.

A draft Statutory Instrument for option three in the Treasury's consultation paper on the regulation of Self invested personal pensions has been published on the HM Revenue & Customs website almost two months before the end of the consultation period....

The situation concerning tax-free cash and transfers of pensions after A-Day appears to have been resolved by HM Revenue & Customs after representations from pension and life companies.

The government has altered earlier proposals to introduce a ‘with-profits tax' on reserve funds in a move which eill leave listed life insurance companies with tax bills worth hundreds of millions of pounds.

HM Revenue & Customs says it is aware of interest in setting up pensions arrangements intended to increase the value of an individual's pension rights at 6 April 2006, or rights in relevant schemes in an 'artificial' manner.

A pensions expert has called for industry to lobby against the intention of the HM Revenue & Customs (HMRC) to tax all transfer lump sum death benefit (TLSDB).

HM Revenue & Customs (HMRC) has published a discussion paper aiming to gain consensus on the application of the Inheritance Tax (IHT) law where it relates to new situations within the new simplification regime.