TaxAdministrationPension providers to deal with taxman online

Pension providers to deal with taxman online

The government is to insist that pension providers do their business with the taxman online in future.

Link: Capgemini takes over at the Revenue

But it accepts there are a few glitches to sort out with computerised delivery of forms and payments which mean the new regime will not come into force until April 2006.

In a written ministerial statement, financial secretary Stephen Timms said: ‘The new simplified regime for taxation of pensions starts on April 2006.

‘To achieve the levels of efficiency and effectiveness that both we and the pension industry want from the new regime, I can announce that registered pension schemes will be required to send online forms and make electronic payments to the Inland Revenue from the start of the new regime on April 6 2006.

‘The decision to move to a fully online service was taken after extensive discussions with the industry over the summer.

‘There are still a number of issues of detail on how precisely we can achieve an “e” based regime and we will be asking the pensions industry, software suppliers and other interested parties to work closely with us on this.

‘The Inland Revenue will be publishing a short paper early next month outlining the key issues and areas they would like to work on together with those who will be involved in registered pension schemes.’

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