The Institute of Chartered Accountants in England and Wales (ICAEW) has published a briefing paper highlighting a potential problem with obtaining tax relief on contributions to overseas pensions.
Under current legislation, tax relief for contributions to overseas pension schemes is obtainable if an overseas pension scheme registers as a UK scheme or complies with various administrative requirements.
ICAEW has argued that these requirements are impractical for most overseas pension schemes. ICAEW also expresses concern these rules are causing problems for UK businesses and is asking for the rules to be changed.
The ICAEW has included a questionnaire to help gather more information on this potential problem.