The McCloud Remedy and tax made simple: we will manage the whole process for you.
Getting your tax affairs in order
You’ll know if your tax is affected by the McCloud Remedy as you will receive a Remediable Pension Savings Statement after these are sent out in early October. You’ll then have until 31 January 2025 to get everything in order, and that’s where we can help.
Here’s what to expect.
You grant us the authority to act on your behalf.
Once we’ve checked your identity you’ll need to sign up to our terms and conditions.
We then gather the things we need to know regarding your pension.
This involves obtaining information from you, the scheme and HM Revenue & Customs (HMRC), which we’ll summarise for your approval.
Working with HMRC, we will confirm your tax position.
Using the information we’ve collected, we will calculate your results in partnership with HMRC.
You’ll be invited to a guidance session to go through your options.
Our specialist consultants will discuss your results and let you know what action to take. You will also receive a document setting out your next steps.
You’ll be able to claim the cost of our services in advance, once your submission has been made.
There is a compensation scheme to ensure you recoup the cost of going through this process.
You’re in good hands.
Isio’s dedicated Police Pensions team will help you swiftly resolve your Remedy tax position.
As pensions tax specialists, we have the knowledge to make the process as smooth and painless as possible.
We are experienced in providing annual and lifetime allowance guidance to members of Public Service Pension Schemes.
Our large team of consultants will always be on hand to help you if you have any questions.
What we’re here to offer:
Our process is hands-off
Designed for you not to be out of pocket
We’re ready for you to get in touch today
Remember, the deadline to have completed your submission is 31 January 2025.
If you have any questions, you can find out more about the McCloud Remedy below. Alternatively, feel free to reach out to our friendly team at policepensionsremedy@isio.com
More about…
The McCloud Remedy and tax.
An important step in the McCloud Remedy is that some of your 2015 scheme benefits have been ‘rolled back’ into final salary benefits.
This means that your tax position will need to be ‘rolled back’ too to make sure your tax position reflects this change to your benefits.
You are required to revisit up to 7 years of annual allowance tax charge calculations for each year of tax year ‘rolled back’.
To do this, you will have to get information from several sources, possibly going back over 10 years and even as early as 2010/2011.
All information and revised tax positions for these tax years and the 2022/2023 tax year, need to be calculated and reported to HMRC by 31 January 2025.
To do this calculation, you need to use the HMRC digital service. The service is different to the usual way of reporting tax charges through self-assessment. This may be the first and only time you use it.
The tax ‘rollback’ is complex and the work you need to do in such a short time frame may feel overwhelming.
That’s where Isio can help. By signing up to our service, we manage the entire process for you. We will retrieve the relevant pieces of information on your behalf, complete the HMRC digital service and provide you with the results.
Our knowledgeable team of specialists will discuss your results and next steps with you, taking the inconvenience and stress out of the process.
Sign up with us today and we will start the process for you.
Or email our friendly team at policepensionsremedy@isio.com.
If you’d like more information about the McCloud Remedy, please visit policepensionsinfo.co.uk.
© Isio Group Ltd and or its affiliates 2024. All rights reserved.
