The government has announced in the Spring Budget that it will amend the tax registration process for master trust pension schemes to align with the Pensions Regulator’s new authorisation and supervision regime.
“Master trusts will be required to obtain an audited report on their internal controls in order to gain authorisation status with The Pensions Regulator under the changes introduced in the Budget,” said Matthew Maneely, Partner at Smith & Williamson, the accountancy, tax and investment management group. “Previously this was a voluntary report, but it appears this will now become mandatory for those master trusts wanting to ensure their tax status with the HMRC.”
“Anything that can be done to improve consumer confidence and protection in this area is a positive step forward as in the past master trust regulation has been relatively light. While the new requirements should be commended, the actual detail of the Budget announcement appears vague so the government must confirm the practicalities as soon as possible.”
Click here to read more on the Spring Budget 2017
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