HMRC Publishes Errors And Mistakes Guidance

HM Revenue and Customs has published guidance on how payments made in genuine error are treated under the tax rules for registered pension schemes.

The Guidance is currently in a standalone format but it will be incorporated into the Registered Pension Schemes Manual in due course.

The Contents of the guidance are as follows:

1. General
2. 'Payments' that are not unauthorised payments
3. )What is a 'genuine error'?
4. Inadvertent unauthorised payments: pension instalments not exceeding £250 in total that are unauthorised payments
5. Payments that are known to be unauthorised when made
6. Member 'contributions' to pension schemes that are not contributions
7. Employer 'contributions' to pension schemes that are not contributions
8. 'Contributions' to pension schemes that are not contributions and Transfers: Statutory 'cooling off' periods
9. 'Contributions' to pension schemes that are not contributions: Taxation position
10. Contributions paid under bad advice
11. Other payments made in error to a pension scheme