Policy paper

Pensions tax relief — amendments to the relief at source legislation

This measure is about the necessary changes to the legislative framework to modernise the way registered pensions schemes, using relief at source arrangements, claim tax relief on members’ pension contributions from 6 April 2025.

• From: HM Revenue & Customs
• Published: 18 July 2023
• Last updated: 22 November 2023 — See all updates

Documents

Pension schemes — relief at source amendments

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Draft legislation

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Draft legislation (accessible version)

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Explanatory note

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Explanatory note (accessible version)

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Details

This measure will:

• allow HMRC to provide the correct legislative framework for new relief at source regulations
• include non-compliance with the new relief at source regulations as grounds for deregistration
• make provision for different relevant rates in regulations

New regulations will be needed to cover how pension administrators claim tax relief on eligible contributions made to registered pension schemes from 6 April 2025. These will be published for consultation in due course and will set out the process by which pension scheme administrators can claim relief due to their members under section 192 of the Finance Act 2004.

These changes will not impact who is eligible for tax relief or the principle of relief at source in which relief at ‘the relevant rate’ can be deducted before the contribution is made.

Published 18 July 2023
Last updated 22 November 2023 + show all updates

1. 22 November 2023

   Updated to reflect changes following the Office for Budget Responsibility November 2023 forecast.

2. 18 July 2023

   First published.