EIM15431 | Non-approved schemes: reporting responsibilities

Section 605(3) ICTA 1988

Non-approved retirement benefits schemes had their own reporting requirements. Employers were required to deliver particulars of a non-approved scheme within three months of it coming into operation. This meant the earlier of:

• when the employer made a contribution to provide benefits for an employee, or

• when any benefits were paid out.

When an employer reported the existence of a non-approved scheme the office should have opened a control file in the form of a sub-folder in the employer’s 46 file and used it to house all relevant correspondence. The employer should have been asked for full details of the scheme including a copy of the rules and any trust deed.

Although not a statutory requirement, most employers included contributions on forms P11D. At the end of each year of assessment, the employer should have been asked to supply a full list of all contributions made to the scheme in that year, specifying the amount paid in respect of each employee in the scheme. This list assisted in checking that all charges under Section 386 ITEPA 2003 have been assessed (see EIM15412).

(This content has been withheld because of exemptions in the Freedom of Information Act 2000) (This content has been withheld because of exemptions in the Freedom of Information Act 2000)

(This content has been withheld because of exemptions in the Freedom of Information Act 2000)