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1a. Pension flexibility payments: operating PAYE correctly
HMRC is aware that some pension scheme administrators are still treating pension flexibility payments as annual payments and calculating PAYE on a month 12 basis instead of week 1/month 1 basis.
In cases where the fund has not been extinguished, HMRC will then issue a tax code to operate against future payments.
1b. Data items 168, 171, 173 and 174
HMRC reminds scheme administrators
Aries comment - There is an apparent direct contradiction of guidance given in the previous PSN (78) regarding data item 174, where HMRC pleaded with providers to "if possible, stop reporting these non-taxable death benefit payments . . .
01 July 2016 Check other news items
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