HMRC Makes QROPS Announcement

By Editorial 19 August, 2013

HM Revenue and Customs has issued information about changes to the handling of Qualifying Recognised Overseas Pension Schemes, including new information requirements, a new online filing service from December 2013, and unique manager ID numbers.

The new treatment adjusts the information that is requested when a transfer from a UK pension into a QROPS is reported to HMRC. Forms APSS 262 and APSS 263 now include a space to allow a customer to provide any HMRC reference number they may have if they are not entitled to a National Insurance number, and the forms now require the full date on which a member left the UK if his or her principal residential address is overseas. Form APSS 262 also asks for the scheme member's full date of birth rather than just year of birth.

Both forms also include a space for the new manager ID number. HMRC intends to write to each QROPS scheme manager with details of their number before the online system goes live in December 2013, and the section can be left blank in forms completed between now and December.

On the other hand, form APSS 262 no longer requires the address of the QROPS to which a transfer is being made, and there is no longer any need to provide details of the person corresponded with, if that person is not the scheme manager. A space for the old Superannuation Fund (SF) number has also been removed. The form also has an adjusted declaration that allows a practitioner to complete the form on behalf of the scheme administrator.

The industry has, in the past, expressed frustration with HMRC's handling of QROPS, complaining of uncertainty. However, the latest move has been welcomed. Nigel Green of the deVere group wrote that the announcement "adds further credibility to the sector and is further proof that QROPS are becoming ever-more mainstream." He added that it showed HMRC is "enhancing its own systems and procedures to ensure that any mistakes of the past remain confined to the history books."

Tags: Expatriates | Tax | Investment | Financial Services | United Kingdom | HM Revenue And Customs (HMRC) | HM Revenue And Customs (HMRC) | Individual Income Tax | Services | Expats | Pensions | Pensions |


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