StockMarketWire.com - Aries Pension & Insurance Systems voiced concerns ahead of HM Revenue & Customs' intention to merge four sets of pages in the Registered Pension Schemes Manual, the government’s official guidance on pension tax legislation.

Aries says HMRC has struggled to keep the RPSM up-to-date with changes in legislation, and a strain on resources has prompted this plan to merge the pages for 'pensions technicians', 'scheme administrators', 'employers' and 'members' by the end of the year.

Aries believes this will be extremely challenging, especially as they are still playing catch up and also attempting to fix errors.

These attempts have not always been successful however.

HMRC produces periodic updates and Aries has been examining this latest list of changes, which appeared on 29 March 2012.

Page RPSM03105610has been amended with the description: “correction of monetary figures in the exampleâ€. However, the amended results they produced included the following:

37,500 + 60,500 = 92,500; 25% x 120,000 = 27,500; 30,000 + 27,500 = 60,500

Aries director Gary Chamberlin said: “It’s a bit of a shambles, isn’t it?

"This is the government department responsible for collecting the nation’s taxes, and it would seem it hasn’t yet got its GCSE in arithmetic. It does rather dent my confidence in HMRC.†Aries devotes resources each time an RPSM update appears, examining the results and writing a report listing what it believes to be the errors and omissions, which is often a lengthy list.

"The team at Aries recognises the importance of reliable official guidance and therefore completes this service to the industry in an attempt to achieve clarity on the major legislatory items."


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