Amended pension reporting regulations to require scheme administrators and insurers to provide valuation and beneficiary data for inheritance tax purposes starting April 2027.

These Regulations establish new information-sharing obligations to facilitate the application of inheritance tax to unused pension funds and death benefits for deaths occurring on or after 6 April 2027.

They require pension scheme administrators and insurance companies to provide personal representatives and HMRC with details regarding the value of pension assets, the identity of beneficiaries, and any tax amounts withheld or paid.

The instrument applies to scheme administrators, insurance companies, personal representatives of deceased members, and beneficiaries of registered pension schemes.

The regulations amended the 2022 rules governing the electronic submission of corporate interest restriction data, removing outdated statutory notice requirements for reporting company appointments following a concurrent change in primary legislation.

These Regulations, enacted by His Majesty's Revenue and Customs (HMRC), amend the Corporate Interest Restriction (Electronic Communications) Regulations 2022 to align them with changes made to Schedule 7A of the Taxation (International and Other Provisions) Act 2010 by the Finance Act 2026, specifically removing requirements for filing appointments or revocations of reporting companies via formal notice, effective for accounting periods ending on or after March 31, 2026.

The 2025 regulations implemented the OECD Crypto-Asset Reporting Framework in the UK, establishing due diligence, record-keeping, and reporting requirements for cryptoasset service providers, and defining associated penalties.

These regulations implement the OECD Crypto-Asset Reporting Framework in the UK, mandating due diligence, record-keeping, and reporting obligations for UK cryptoasset service providers.

They detail procedures for self-certification, reporting to HMRC via an electronic system, and notification to users.

Penalties are outlined for various breaches, including failure to comply with due diligence, record-keeping, reporting, and notification requirements, along with provision for appeals.

An anti-avoidance clause is included.

The 2025 regulations amended the 2003 Income and Corporation Taxes (Electronic Communications) Regulations by removing an obsolete definition, expanding their scope to cover Finance Act 2021 penalties, and clarifying electronic information delivery conditions.

The Income and Corporation Taxes (Electronic Communications) (Amendment) Regulations 2025, effective March 11, 2025, amend the 2003 Regulations.

Key changes include removing an outdated definition, broadening the regulations to encompass penalties under the Finance Act 2021, and adding new provisions specifying conditions for valid electronic information delivery.

These amendments aim to improve efficiency, clarify procedures, and modernize tax communication processes.