Reporting requirements for LSA & LSDBA
Irene
Member
Does anyone know if there are any reporting requirements if someone exceeds either LSA or LSDBA. If so, what are they?
Comments
The scheme has to notify HMRC when they pay money to anyone that is over their available allowances, or if you pay them tax free over the allowance and you could only do so when they had protection. Amongst other things!
If you actually got a tax free payment over the allowances it is an unauthorised payment and that would need reported by the member on self assessment (as well as the scheme reporting it if they found out about it)