Income Tax (Earnings and Pensions) Act 2003 section 466

Duty to notify chargeable events and chargeable benefits

Section 466 sets out the reporting obligations that arise when certain chargeable events or chargeable benefits occur in connection with employer-financed retirement benefit schemes.

• When a chargeable event or chargeable benefit arises, the responsible person must notify HMRC with the required particulars.
• The notification must be made directly to HMRC (rather than to a tax inspector).
• The time limit for providing the required particulars is 92 days from the date of the chargeable event or benefit.
• This requirement ensures HMRC has timely information to assess any tax charges arising from employer-financed retirement benefit schemes.