HM Revenue & Customs have warned that they will not offer any ‘degree of amnesty’ to independent financial advisers and their clients who miss the April 6th deadline. They feel that independent financial advisers and their clients have been given enough time to prepare for the new pension tax rules, even though there seem to be technical problems, and details of the single tax regime continue to be published. This means that consumers with large estates and without enhanced protection after the 6th April, will be taxed if they do not register this with the revenue before the deadline. The Revenues’ warning comes as news of delays in establishing IT systems have forced them to push back deadlines for pension administrators to report online.
They originally set a target of having online systems ready for ‘A-day’ on 6th April next year, with all UK pension schemes details registered for future reporting. But pre-registration has been discarded, and it has been confirmed that online reporting will be introduced in phases after A-day, as the system becomes usable.
Our view
Her Majesty's Revenue and Customs are a 'law unto themselves'. The rules have not even been finalised yet - by them - and they won't bend on missed deadlines by others? What a joke!
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