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REVENUE TAKE UP PIMA’S SUGGESTION

May 2, 2002

Saving Managers £1000s in Audit Fees

The PEP & ISA Managers’ Association (PIMA) is delighted that the Inland
Revenue has announced a further relaxation of the previous requirements
for managers to have their annual PEP/ISA returns (forms PEP14 & ISA14) certified by external auditors. Following suggestions from the
Association, the Revenue has this week announced that the returns for the tax year 2001/2 and subsequent years may, as an alternative, be
accompanied by a copy of the manager’s audited accounts for the accounting period ending in the year of the return.

PIMA’s Director of Member Services, Peter Shipp, said: "This is a most
welcome relaxation of the requirements. Previously managers had to get
their external auditors to come in specially to carry out the checks
necessary to allow them to certify the return. The fact that this is no
longer required in the vast majority of cases means that typically member
firms will save several thousand pounds in accountants fees each year – a most welcome cost saving in the administration of these schemes."