PROPOSED CHANGES TO THE QROPS REGIME
On 24 May 2013 HMRC issued draft legislation entitled ‘The Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2013’ (the “2013 Regulations”). If enacted in their current form, the 2013 Regulations would bring about a number of changes to the QROPS regime, such as a requirement to periodically reconfirm a scheme’s QROPS status, increased notification obligations (which, for the first time, would apply to former QROPS as well as to QROPS) and an extension of the penalty regime for failure to provide information regarding former QROPS. The 2013 Regulations would also give HMRC the ability to remove a scheme’s QROPS status in a wide variety of circumstances.
This briefing note outlines the most relevant proposed changes and their impact on the QROPS regime, including on existing, future and former QROP schemes.
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