1. This does not have anything to do with my pension. I am the pension scheme administrator, and the Scheme has taken a loan under a loan agreement from the overseas individual. The use of the loan was for the purchase of a commercial property. Everything is in order vis-a-vis HMRC.
2. The loan was property authorised by the Pension Scheme trustees, and has been of consirable financial benefit to the scheme, as it was intended to be.
3. My own age has no relevance, as this is a loan taken out by the pension scheme itself, of which I am both a member and a trustee. (FYI I am 62, and in pension draw-down). The scheme, a SSAS, is that of the family business.
4. There is no obligation on the pension scheme to inform HMRC of this arrangement.
5 Interest is at 2.5% over base, compound quarterly. I.e. a commercial rate. All as per a written agreement drawn up in 2012.
6. The Pension Scheme wants to know how much tax, if any, it is required to withhold from the overseas lender now that the loan and interest is due to be repaid, and how it goes about remitting this tax to HMRC. Is there a particular form than needs completing, for example.
Pension Scheme Administrator
Thanks, ***** ***** I needed to know. Are you sure the CT61 is the correct form? This is not a limited liability company, it's a SSAS pension scheme, and therefore a Trust.