Regulation 5 Returns under regulation 4: amendmentsI1

United Kingdom

(1)

This regulation applies where there is an inaccuracy in a return made under regulation 4, whether careless or deliberate, and paragraph (2), (3) or (4) applies.

(2)

This paragraph applies where the inaccuracy relates to the information given in the return in respect of a relevant beneficiary under paragraph 16 of the Schedule.

(3)

This paragraph applies where the inaccuracy is the omission of details of a relevant payment made to a relevant beneficiary.

(4)

This paragraph applies where the inaccuracy arises because, as a result of a retrospective tax provision, the total amount of the relevant payment made by a pension payer to a relevant beneficiary increases for any tax year.

(5)

Where a pension payer becomes aware of an inaccuracy in a return submitted under regulation 4 the pension payer may provide the correct information in the next return for the tax year in question.

(6)

But if the information has not been corrected before 20th April following the end of the tax year in question, the pension payer may make a return under this paragraph.

(7)

A return under paragraph (6)—

(a)

must include the following—

(i)

the information specified in paragraphs 2 to 4, 7 to 12 and 15 of the Schedule,

(ii)

the amount which should have been given under paragraph 16 of the Schedule in the final return under regulation 4 containing information in respect of the relevant beneficiary in the tax year in question, and

(iii)

the tax code used by the pension payer in respect of the relevant beneficiary in the tax year in question,

(b)

must be made as soon as reasonably practicable after the pension payer becomes aware of the inaccuracy, and

(c)

must be made by an approved method of electronic communications.

Annotations

Commencement

I1: Reg. 5 in force at 6.4.2022, see reg. 1