As the trustee of a registered pension scheme you may need to fill in form SA970 Tax Return for trustees of registered pension schemes at the end of the tax year. You use the return to notify HM Revenue & Customs (HMRC) of how much tax the pension scheme owes or to declare how much tax has been deducted from the scheme’s investment income. You can also use it to claim a repayment.
Trustees of a scheme are jointly responsible for making a return. If HMRC knows that a tax return is needed, they’ll send a letter (called a ‘Notice to File’) to one or all of the trustees, care of the address of just one of them.
If you’re a trustee of a registered pension scheme, you may receive a letter (called a ‘Notice to File’) soon after the end of the tax year. HMRC will issue this letter if they know that the pension scheme has previously paid tax or claimed a refund. The letter tells you that you must complete a tax return (form SA970) for the pension scheme.
If you’ve been asked to complete a tax return you must do so – even if no tax or repayment is due.
If you haven’t been asked to complete a tax return you must still ask for a Self Assessment tax return if any of the following apply:
- you’ve got Income Tax or Capital Gains Tax to pay
- you wish to claim a refund of tax
- you’ve claimed a refund already during the tax year
As a trustee of a registered pension scheme you must keep records so that you can complete the pension scheme tax return fully and accurately. The records will vary depending on each scheme’s individual circumstances, but should include full details of income from the sources shown on the tax return and any repayments received during the year.
RKG Consulting can assist you regarding filing the necessary tax returns and maintaining the pension scheme documentation.