Although HMRC officials have not yet confirmed that the new legislation has been given the nod, sources on the Isle of Man say that companies which had 50c schemes with the regulator have now received letters saying they have been accepted, and giving them a QROPS number.
Among these schemes is the Baker Tilly Isle of Man QROPS SIPP, according to Baker Tilly IoM principal Stuart Clifford, who is also chairman of the Isle of Man Association of Pension Scheme Providers (APSP).
However, Clifford added, the association has not yet received formal notification from HMRC that it had deemed the new 50c legislation acceptable.
Also said to have received written confirmation that its plan had been accepted by HMRC was IoM-based pension provider SIPP Specialists Limited, for its SIPP Specialists 2010 Scheme. Company director Dougie Elliott was not immediately available for comment.
HMRC review
The Isle of Man unveiled its new 50c QROPS legislation last year, but in December, HMRC announced a review that effectively halted the registration of any new 50c schemes.
At that point, just one 50c scheme, Boal & Co’s Trinity Plan – which was initially registered in October, shortly after the 50c-enabling legislation was passed – had made it onto HMRC’s all-important list of QROP schemes.
Pre-existing Isle of Man QROPS, which had been set up before the legislation which made the 50c QROPS possible was approved, were not affected by the review.
Within the last few weeks HMRC informed the APSP that its review of the island’s new 50c QROPS legislation was nearly complete.
