HMRC Online QROPS Information Gets A Make-Over

The British tax man has updated online advice about Qualifying Recognised Overseas Pension Schemes (QROPS).

Pages of detailed technical guidance for tax inspectors are accessible to the public as part of the Pensions Tax Manual.

The web site is still under development, but has nine sections about QROPS.

The information is HMRC’s interpretation of the tax rules for QROPS pensions and has no force in law.

What’s online

The information covers:

HMRC stresses that the manual is still at beta stage – which means the information may not be accurate and up-to-date.

Scathing criticism from High Court

The information upgrade is part of moving government web sites to a central digital home.

The HMRC QROPS List explains the importance of checking that a pension qualifies as a QROPS.

“HMRC can’t guarantee listed schemes are QROPS or that any transfers to them will be free of UK tax. It is a retirement saver’s responsibility to find out if they have to pay tax on any transfer of pension savings,” said an HMRC spokesman.

In recent years, HMRC has suffered scathing criticism of the standard and depth of QROPS information available to retirement savers considering transferring their UK pension funds to an offshore scheme.

One of the most prominent objections came from the High Court, which threw out a case bought by HMRC against retirement savers who had transferred cash to Singapore QROPS which were subsequently delisted.

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