The draft regulations come more than a year after an unexpected decision by HMRC to change the QROPS legislation led to the removal of Guernsey as a viable jurisdiction for the international pension schemes. At the time, HMRC’s action led to more than 300 Guernsey based schemes being de-listed from HMRC’s QROPS register.
HMRC said these latest draft regulations set out in more detail the current reporting requirements for scheme managers of QROPS and former QROPS.
The Revenue is inviting comments on the draft regs until 21 June.
Specifically the draft regulations, on which the Revenue is seeking feedback, include:
- a requirement for an overseas scheme to report payments out of funds transferred from UK pension scheme even if it is no longer a QROPS (and enable the scheme managers to report that information electronically),
- a penalties regime for non-compliant former QROPS,
- a system for scheme managers to re-notify HMRC that they meet the conditions to be QROPS
- a relaxation of the benefits tax relief test for overseas public service schemes and pension schemes of international organisations
We will be running more on this story next week so do get in touch to tell us what you think of the proposed regulations.
Click here to read about the removal of 310 Guernsey schemes last year
Click here to view the draft regulations on the HMRC website
