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HMRC launches pensions checking tool

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14th Oct 2013
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The Revenue has launched a new online tool for pension scheme members to check whether they have to calculate an annual tax liability.

The tool will also help members to see if they need to complete an SA return and is available even if users have not received a pension statement.

Those who already know whether they need to calculate an annual allowance charge can use HMRC’s pension savings annual allowance calculator.

The online tool was implemented after pension providers issued annual allowance pension statements for the 2011-13 and 2012-13 tax years, to pension scheme members contributing more than £50,000 a year to a pension scheme.

From 6 April 2011, the annual allowance for tax relief on pension savings in a registered pension scheme was reduced to £50,000.

This includes contributions made by your employer into your pension.

If your pension savings exceed this amount, you may need to pay a tax charge and file an SA return.

In addition to this, HMRC has updated PDF forms for QROPS alongside the Registered Pension Schemes and Overseas Pension Schemes regulations introductions.

These will come into force on 14 October and the revised forms will be available on the Revenue’s website from that date.

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