The latest HMRC Pension Schemes Newsletter highlights the fact that HMRC are aware that scheme members are forgetting to declare details of their annual allowance charge on their Self Assessment returns.
Pension scheme administrators are asked to remind those members who have exceeded their annual allowance for 2018/19 and who do not have sufficient unused annual allowance to carry forward to cover the excess, that they must declare this on their Self Assessment tax return, even if the pension scheme is paying the tax charge (‘scheme pays’).
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