EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations provide for the information that a pension payer must send to HMRC under the Real Time Information system, in relation to certain payments made in respect of a member of a registered pension scheme under Part 4 of the Finance Act 2004 following the death of that member, where such payments are not taxable as pay as you earn (PAYE) pension income (i.e. the payments are non-taxable). The Regulations come into force on 6th April 2022.
Currently, pension payers making payments of PAYE pension income are already required to send to HMRC similar information in respect of such payments, using the Real Time Information system. The Regulations will extend this requirement to payments of such non-taxable payments, which do not fall within the scope of the current requirements.
Part 1 deals with citation and commencement, and interpretation.
Part 2 deals with information that is required to be sent to HMRC by an approved method of electronic communications. The information falling within this Part is set out in the Schedule to the Regulations.
Part 3 deals with evidential matters related to the sending of information to HMRC under the Regulations.
A Tax Information and Impact Note covering this instrument will be published on the GOV.UK website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.