HMRC Event Reports 2019/20 – time’s running out!

The deadline for the submission of HMRC’s Event Report for the 2019/20 tax year of 31 January 2021 is nearly upon us. SSAS trustees with any reportable events will need to complete the Event Report by that date to avoid potential fines from HMRC.

Last year, HMRC advised that they had decided not to issue any notices to file their Registered Pension Scheme Return for the 2019/20 tax year. However, they did not relax the rules for their Event Report. Thus, Scheme Administrators still need to complete the Report where necessary.

The Regulations set out numerous separate events covering many areas. However, to help the Scheme Administrator determine whether an Event Report may be required, we have summarised below the type of events that require reporting, which generally fall into two main areas: scheme events and member events.

Scheme events

• Unauthorised payments – a legally defined term and includes, for example, a loan to a scheme member.
• The purchase or sale of any taxable property – also a legally defined term and includes, for example, residential property and works of art.
• A change in membership between certain bands (ie where the number of members has increased from 1 or above 11 or decreased below 2 or become 0).
• The wind up of the scheme.

Member events

• A member commences receipt of their benefits before normal minimum pension age - normally only possible on ill-health grounds.
• Commencement of benefits where the member’s funds from all schemes have exceeded the Lifetime Allowance and the member has relied on any form of Lifetime Allowance protection.
• A lump sum is paid to a member who has any form of Lifetime Allowance protection.
• A lump sum is paid to a member that represents more than 25% of their share of the SSAS funds.
• Lump sum death benefit payments that amount to more than 50% of the Standard Lifetime Allowance that was applicable on the date of the member’s death.
• The trustees are required to issue a Pension Savings Statement (usually when contributions paid in respect of a member exceed the Annual Allowance).

A SSAS with LCP

HMRC reporting is of particular importance to SSAS trustees, who need to ensure they are completed when required.

We act as professional advisers to our SSAS trustee clients to help guide them with pensions legislation and assist them with the administration of the scheme, including completion of any regulatory reporting.

You can read our latest SSAS update here or contact Patrick Moriarty for further details of our services for SSAS trustees.