R63 N Forms and SA970 Self Assessment for SIPPs
I have been trying to find out the answer to this for some time to no avail. We operate our SIPPs under a master trust with individual subtrusts. In the past we submitted R63Ns to reclaim tax deducted from unit trusts and oeics. HMRC has now said that we cannot use R63Ns until we have submitted an SA970. I was under the impression that SA970s were not required for SIPPs but HMRC are saying yess.
Does that mean that we now have to gather details of tax credits for all of our individual members and then complete one SA970 covering all of them.
It seems to me that this will take some time and mean another annual task to provide HMRC with the relevant information.
What are other people doing?
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Yes. The R63Ns need to be incorporated into the SA Return. Even worse, you need to split between UK and overseas income. Dividends are not included though, but gross non-dividend income also needs to be included where overseas (i.e. gross interest on overseas bank accounts). Yes, one of those lovely end of tax year jobs we have to do. I will at a future AMPS committee meeting. Sorry for the late posting. Michael