The Income Tax (Pay As You Earn) (Amendment) Regulations 2016

Amendment of the Income Tax (Pay As You Earn) Regulations 2003

5.  In Schedule A1 (real time returns) after paragraph 22B(1) insert—

“22C.— (1) If applicable, an indication that comprised within the payment is an amount in respect of a reportable payment and the amount of that reportable payment.

(2) For the purposes of sub-paragraph (1) a “reportable payment” is—

(a) a payment of an uncrystallised funds pension lump sum,

(b) a lifetime annuity under a flexible annuity contract, or

(c) a payment made out of—

(i) a fund referred to in section 227G(2), (4) or (5) of the Finance Act 2004(2),

(ii) an arrangement referred to in section 227G(3) of the Finance Act 2004, or

(iii) a scheme pension referred to in section 227G(9) of the Finance Act 2004.

(3) For the purposes of sub-paragraph (2)—

(a) “flexible annuity contract” has the meaning given by section 227G(8) of the Finance Act 2004, and

(b) “uncrystallised funds pension lump sum” has the meaning given by paragraph 4A of Schedule 29 to the Finance Act 2004(3).

22D.   If applicable, an indication that comprised within the payment is a lump sum to which section 636A(4ZA) of ITEPA(4) applies and the amount of that lump sum.”.

(1)

Schedule A1 was inserted by regulation 52 of S.I. 2012/822 and paragraph 22B was inserted by regulation 14 of S.I. 2015/1927.

(2)

2004 c. 12. Section 227G was inserted by paragraph 65 of Part 4 of Schedule 1 to the Taxation of Pensions Act 2014 (c. 30).

(3)

Paragraph 4A was inserted by paragraph 57 of Part 3 of Schedule 1 to the Taxation of Pensions Act 2014.

(4)

2003 c. 1. Section 636A was inserted by paragraph 11 of Schedule 31 to the Finance Act 2004 and has been amended by paragraph 28 of Schedule 19 and Part 3(1) of Schedule 27 to the Finance Act 2007 (c. 11), paragraph 42 of Schedule 16 to the Finance Act 2011 (c. 11), paragraph 5(3) of Schedule 5 to the Finance Act 2014 (c. 26), paragraphs 31 and 62 of Schedule 1 and paragraph 19 of Schedule 2 to the Taxation of Pensions Act 2014 and section 22 of the Finance Act 2015 (c. 33) and regulation 5 of S.I. 2006/569. Section 636A(4) was substituted and section 636A(4ZA) was inserted by section 22 of the Finance (No. 2) Act 2015. “ITEPA” is defined in regulation 2 of the principal Regulations as meaning the Income Tax (Earnings and Pensions) Act 2003.