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Pension scheme members that incurred an annual allowance tax charge in the 2016/2017 tax year had until the 31 July 2018 to notify their scheme(s) that they are using the ‘scheme pays’ option to settle some or all of their tax liability.
They may also notify schemes that they wish to use scheme pays to meet any annual allowance tax charge from the 2017/2018 tax year, however the deadline for this is not until 31 July 2019.
Scheme pays allows members to pay the annual allowance tax charge relating to a particular scheme by deducting some or all of the liability from their pension benefits, rather than settling the bill directly with HM Revenue & Customs. However, the annual allowance excess and the use of scheme pays must be declared in the self-assessment submission for the tax year concerned.
The deadlines mentioned apply to statutory scheme pays only. More details on the process and eligibility requirements can be found in the Pensions Tax Manual and in our forthcoming article in the July 2018 edition of TechTalk.
For the 2017/2018 tax year, the deadline is not until 31 July 2019