HMRC to publish new draft pensions tax manual
皇冠体育app Pensions Tax Manual will be published in spring 2015, to replace the current Registered Pension Schemes Manual.
What鈥檚 happening?
We are publishing our new pensions guidance manual in draft form in early Spring 2015. This new manual will be called the Pensions Tax Manual (PTM) and it will replace our current guidance manual - the Registered Pension Schemes Manual (RPSM).
Why is it happening?
Since the RPSM was first introduced there have been changes to how HMRC provides guidance covering pension taxation rules. 皇冠体育app RPSM currently incorporates four different levels of guidance on the same subject covering technical, member, employer and scheme administrator. 皇冠体育app transition of HMRC pension content to the GOV.UK website has given the opportunity to provide some of the guidance aimed at pension scheme members and their advisers, employers and pension scheme administrators which is currently included in the RPSM, on the pension pages of GOV.UK. 皇冠体育app focus of PTM is on providing technical guidance on the pensions tax rules, but incorporates areas of guidance previously located in the scheme administrator pages.
What will it look like?
Feedback received in Pension Schemes Services over a number of years, both from internal and external stakeholders, has already been used in the design of PTM. 皇冠体育app PTM will be 16 chapters and unlike the RPSM it will provide just one level of guidance. 皇冠体育app PTM chapters will cover essential principles of a subject in overview sections, where appropriate. 皇冠体育app PTM will incorporate guidance on Pensions Flexibility, to include reporting requirements and international issues, as well as the recent Annual Allowance Order. 皇冠体育app standalone guidance on both asset backed contributions and individual protection 2014 will also be included in the PTM.
When is it happening?
We will be publishing the draft PTM guidance in early Spring 2015. It is intended that there will be a period of around two months for stakeholders to provide comments before the final version of the PTM will be published. A dedicated email address has been set up in order to receive comments and queries in respect of the PTM. This email address is [email protected]. In order to allow us to control the queries and comments received we ask that you please only use this email when contacting HMRC about the PTM.
What鈥檚 happening with RPSM?
When the PTM has been updated following the consultation period the RPSM will be removed from the gov.uk website, but will remain available in its full form on the National Archive site.