• Service: Tax, Global Indirect Tax, International Executive Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 8/23/2013

United Kingdom - Employers using asset-backed pension contribution arrangements 

August 23:  HM Revenue & Customs (HMRC) published an an updated version of draft guidance on on tax relief for employers who use asset-backed pension contribution arrangements.

The prior version of this draft guidance (19 pages) published in June 2012 was phrased in terms of Finance Bill 2012 and did not include guidance on asset-backed contributions paid prior to the new rules (29 November 2011) or on the transitional provisions.

The August 2013 draft guidance [PDF 99 KB]:

  • Adds guidance on those two outstanding areas
  • Now refers to Finance Act 2012 throughout
  • Adds an example payment profile for an asset-backed contribution arrangement on page 4
  • Tweaks the language on page 12 to add a small clarification
  • Adds an example on page 17 of a “change or event” when payments cease
  • Adds a small clarification on page 18
  • Updates the contact details for the central HMRC Inspector responsible for overseeing asset-backed contribution arrangements

Read an August 2013 report [PDF 126 KB] prepared by the KPMG member firm in the United Kingdom: Weekly Tax Matters (23 August 2013)

Also discussed in this KPMG report are the following topics:

  • China to sign OECD Multilateral Tax Convention
  • FATCA registration portal opens
  • Real Time Information – HMRC survey
  • Income tax loss relief – trade carried on with a view to profit?
  • HMRC Brief – discounted gift schemes
  • VAT: Wildfowl and Wetlands Trust – is the trust a zoo?

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