Regulations were laid before Parliament which further tighten the requirements in relation to Qualifying Recognised Overseas Pension Schemes ("QROPS") - the regulations will be in force from 14th October 2013. The key provisions of the regulations are:
- All managers of QROPS will have to renotify whether they meet the conditions for being a QROPS every five years.
- Additional information will need to be provided by the manager of a QROPS in relation to payments made by the QROPS from funds that have been transferred into it from a UK pension scheme. These requirements are also extended to payments made by former QROPS.
- A power for HMRC to issue information notices requiring information from third parties for the purposes of checking the tax position of a member of a QROPS.
- Extension of the penalty regime to a former QROPS for certain breaches.