From 1 April 2020, the reporting requirements for investment income have changed.
For the 2019/2020 financial year:
- payers who began using the new reporting requirements early (before 1 April 2020) will use a combination of reporting methods
- other payers will report the same way they have done in previous years.
Payers who started using the new reporting requirements from 1 April 2020
If you did not start using the new reporting requirements before 1 April 2020, you do not have to do anything to set this up. We have moved you across automatically.
This does not affect your reporting for the 2019/2020 year. As usual you will need to:
- file annual reconciliation returns (IR15S and IR67S) for the 2019/2020 year, along with RWT and NRWT certificates ( IR15 and IR67)
- use the current electronic and manual filing methods. For electronic filing, use the old text style file format.
For investment income payments made after 1 April 2020, you need to use the new reporting requirements. The first return is due on 20 May 2020.
Payers who started using the new reporting requirements early
If you started using the new rules before 1 April 2020, you will have a combination of reporting requirements for the 2019/2020 income year.
Complete part-year returns
You will need to complete annual reconciliation returns (IR15S and IR67S) for payments made from 1 April 2019 until the date you started using the new reporting rules. These returns:
- will only contain part-year information
- can be filed any time after the date you transitioned but must be filed by 15 May 2020
- must be accompanied by the RWT and NRWT withholding tax certificates (IR15 and IR67)
- need to be done using current electronic and manual filing methods. For electronic filing, use the old text style file format.
Issue tax certificates
You will need to issue tax certificates to anyone:
- you made payments to before the transition date
- who did not provide you with an IRD number.
These can be provided at any time before the due date.
Where you do not hold a valid IRD number for your customer, you will need to issue a full-year tax certificate to the customer.
If you do issue a “full year” tax certificate to your customers, you will need to make sure that:
- you do not submit the full year information to us – this will result in duplication of income for your customers
- the customer is aware of how that information has been reported to us – split between a) the year-to-date up to the transition date and b) from that date of transition onwards.
Follow the new requirements from your transition date
Continue to follow the new reporting requirements for payments made and tax withheld after the date you started using the new reporting rules.