News

CORONAVIRUS: Pension Schemes - Small Self-Administered Schemes (SSAS) and Self-Invested Personal Pensions (SIPP) - NEW

HMRC have announced a number of measures to assist Pension Schemes. In particular: 

• Pension Scheme Returns will NOT be required for the 2019/20 tax year due to difficulties in obtaining the required valuations.
• If a valuation is required (for example, when funds are designated for a drawdown pension), then HMRC will accept that special circumstances exist if, due to COVID-19, trading in the share has been suspended or the closing price is not a proper measure of value. This would allow an alternative method of valuation to be used.
• HMRC will accept payment holidays on loans to connected parties and rent holidays on commercial property as arm’s length commercial decisions (and so not giving rise to an unauthorised payment charge) without a valuation. The Scheme should still be able to demonstrate that the decision was on an arm’s length commercial basis.
Further details can be found on the HMRC website.

Self-Employed Income Support Scheme - UPDATE

HMRC have begun contacting those they believe are eligible for the scheme with the claims service opening on 13 May. The intention is for payments to be made by 25 May or within 6 working days of completing the claim.

Further details, along with a link to check eligibility under the scheme, can be found at: https://www.gov.uk/government/news/self-employed-invited-to-get-ready-to-make-their-claims-for-coronavirus-covid-19-support

The eligibility check can also be used to set up a Government Gateway user ID and password.

We would recommend that this should be done now by anyone who intends to claim under SEISS, and does not already have these, to streamline the application process when the claim service opens.

Thursday, 7th May, 2020