The Income Tax (Pay As You Earn) Regulations 2003

PAYE pension income paid by former employer U.K.

55.—(1) This regulation applies if the pension payer was, immediately before the pensioner’s retirement, the pensioner’s employer and so, in accordance with regulation 36(3), no Form P45 was completed.

(2) On making relevant pension payments to the pensioner, the pension payer must deduct tax on the non-cumulative basis, subject to regulation 32 (higher rate code: deductions), for the remainder of the tax year in which the pension starts or until directed otherwise by the Inland Revenue.

(3) Within 14 days after the pensioner’s retirement, the pension payer must prepare a retirement statement and—

(a) send it to the Inland Revenue, and

(b) give a copy to the pensioner.

(4) The retirement statement must contain the following information—

(a) the pensioner’s name,

(b) the pensioner’s address, if known,

(c) the pensioner’s national insurance number, if known,

(d) the pension payer’s PAYE reference,

(e) the date of retirement,

(f) the total payments to date at the date of retirement,

(g) the total payments to date relating to the employment in question at the date of retirement,

(h) the total net tax deducted corresponding to the total payments to date relating to the employment in question,

(i) the amount of pension payable and the frequency of the payments,

(j) any number used to identify the pensioner,

(k) whether the pensioner’s code is use on the cumulative basis,

(l) the pension payer’s name, and

(m) the pension payer’s address.

(5) Paragraph (4) is subject to regulation 212 (modifications for electronic version of retirement statement delivered to Inland Revenue).

Commencement Information

I1 Reg. 55 in force at 6.4.2004, see reg. 1