The Pension Schemes (Information Requirements — Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pensions Schemes and Corresponding Relief) Regulations 2006

Statutory Instruments

2006 No. 208

INCOME TAX

The Pension Schemes (Information Requirements — Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pensions Schemes and Corresponding Relief) Regulations 2006

Made

1st February 2006

Laid before the House of Commons

2nd February 2006

Coming into force

6th April 2006

The Commissioners for Her Majesty’s Revenue and Customs make the following Regulations in exercise of the powers conferred by section 169 of, and paragraph 5(2) of Schedule 33 and paragraph 51(4) of Schedule 36 to, the Finance Act 2004(1) and which are now exercisable by them (2).

Citation, commencement and interpretation U.K.

1.—(1) These Regulations may be cited as the Pension Schemes (Information Requirements for Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pension Schemes and Corresponding Relief) Regulations 2006 and shall come into force on 6th April 2006.

(2) In these Regulations—

“the Act” means the Finance Act 2004 and a reference to a numbered section or Schedule, without more, is a reference to the section of; or Schedule to, the Act bearing that number; and

“tax year” means a period beginning on 6th April of one year and ending on 5th April of the immediately following year.

Commencement Information

I1 Reg. 1 in force at 6.4.2006, see reg. 1(1)

Information — benefit crystallisation events in relation to relevant migrant members and individuals entitled to corresponding relief U.K.

2.—(1) For the purposes of paragraph 5(2) of Schedule 33 and paragraph 51(4) of Schedule 36 (information about benefit crystallisation events in cases of relevant migrant members and individuals entitled to corresponding relief) the prescribed benefit crystallisation information is—

(a) the name and address of the relevant migrant member or individual (as the case may be) in respect of whom there has been a benefit crystallisation event in the tax year; and

(b) the date, amount and nature of the benefit crystallisation event.

(2) The information must be provided by 31st January next following the end of the tax year in which the benefit crystallisation event occurs.

Commencement Information

I2 Reg. 2 in force at 6.4.2006, see reg. 1(1)

Information — qualifying recognised overseas pension schemes U.K.

3.—(1) For the purposes of section 169(4) (meaning of qualifying recognised overseas pension scheme), a qualifying recognised overseas pension scheme must provide to an officer of Revenue and Customs—

(a) the name of the country or territory in which it is established;

(b) in the case of a scheme falling within regulation 3(4) of the Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) Regulations 2006(3), evidence demonstrating that it fulfils the requirement set out in that paragraph; and

(c) any other evidence required in writing by the officer.

(2) When a qualifying recognised overseas pension scheme makes, or is treated under the relevant provisions as making, a payment in respect of a relevant member, it must provide to an officer of Revenue and Customs—

(a) the name and [F1 principal residential] address of the relevant member; F2 ...

[F3 (aa) the relevant member’s national insurance number, if any; and]

(b) the date, amount and nature of that payment.

Here “the relevant provisions” means sections 172 to [F4 174A,] paragraph 2A of Schedule 28(4) [F5 and 3A of Schedule 29].

This paragraph is subject to the qualifications in paragraphs (3) and (4).

(3) No obligation arises under paragraph (2) if [F6 the following conditions are met—

(a) at the date of the payment more than ten years has elapsed beginning with the date on which the relevant transfer fund in respect of the relevant member came into existence; and

(b) the relevant member to whom the payment is made or treated as made is a person to whom the member payment provisions do not apply (see paragraph 2 of Schedule 34).]

(4) In the case of a payment by way of a pension the obligation under paragraph (2) applies only to the first such payment.

(5) The information required by paragraph (2) must be [F7 provided—

(a) within 90 days beginning with the day on which the payment is made or is treated as made; or

(b) by such other time as may be agreed between an officer of Revenue and Customs and the scheme manager.]

[F8 (5A) Where the scheme manager is a company it must provide the names and addresses of the directors of the company to an officer of Revenue and Customs if required to do so in writing, and within such time as may be specified, by the officer.]

(6) For the purposes of this regulation—

“payment” has the meaning given in section 161(2); and

“relevant member” means a member of a scheme in respect of whom there is a relevant transfer fundF9 ....

[F10 (7) For the purposes of this regulation and regulation 3B “relevant transfer fund” has the meaning given in paragraph 4(2) of Schedule 34.]

Textual Amendments

F1 Words in reg. 3(2)(a) inserted (with effect in accordance with reg. 1(2)(a) of the amending S.I.) by The Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2012 (S.I. 2012/884), regs. 1(1), 8(2)(a)

F2 Word in reg. 3(2)(a) omitted (with effect in accordance with reg. 1(2)(a) of the amending S.I.) by virtue of The Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2012 (S.I. 2012/884), regs. 1(1), 8(2)(b)

F3 Reg. 3(2)(aa) inserted (with effect in accordance with reg. 1(2)(a) of the amending S.I.) by The Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2012 (S.I. 2012/884), regs. 1(1), 8(3)

F4 Word in reg. 3(2) substituted (11.8.2006) by The Registered Pension Schemes (Provision of Information) (Amendment) Regulations 2006 (S.I. 2006/1961), regs. 1, 5(a)

F5 Words in reg. 3(2) substituted (11.8.2006) by The Registered Pension Schemes (Provision of Information) (Amendment) Regulations 2006 (S.I. 2006/1961), regs. 1, 5(b)

F6 Words in reg. 3(3) substituted (with effect in accordance with reg. 1(2)(a) of the amending S.I.) by The Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2012 (S.I. 2012/884), regs. 1(1), 8(4)

F7 Words in reg. 3(5) substituted (with effect in accordance with reg. 1(2)(a) of the amending S.I.) by The Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2012 (S.I. 2012/884), regs. 1(1), 8(5)

F8 Reg. 3(5A) inserted (6.4.2012) by The Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2012 (S.I. 2012/884), regs. 1(1), 8(6)

F9 Words in reg. 3(6) omitted (with effect in accordance with reg. 1(2)(a) of the amending S.I.) by virtue of The Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2012 (S.I. 2012/884), regs. 1(1), 8(7)

F10 Reg. 3(7) inserted (with effect in accordance with reg. 1(2)(a) of the amending S.I.) by The Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2012 (S.I. 2012/884), regs. 1(1), 8(8)

Commencement Information

I3 Reg. 3 in force at 6.4.2006, see reg. 1(1)

[F11 Information - transfer of sums or assets to a qualifying recognised overseas pension scheme U.K.

3A.— (1) For the purposes of section 169(4), where paragraph (2) applies a qualifying recognised overseas pension scheme (“the scheme”) mentioned in that paragraph must provide to an officer of Revenue and Customs such of the information specified in paragraph (3) as may be required in writing by the officer.

(2) This paragraph applies where there is a transfer to a qualifying recognised overseas pension scheme of sums or assets which have at any time been held for the purposes of, or representing accrued rights under, a registered pension scheme from—

(a) a registered pension scheme; or

(b) another qualifying recognised overseas pension scheme.

(3) The information is—

(a) the date of the transfer;

(b) the name and address of any bank and details of any bank account which the scheme has used in relation to the transfer;

(c) details of the sums or assets transferred;

(d) where information is required from a scheme which is a transferee, the way that the sums or assets have been applied by the scheme;

(e) where the transfer is from a registered pension scheme, the name and address of that scheme;

(f) the name, principal residential address, date of birth and, if any, the national insurance number of the member who is connected with the sums or assets;

(g) where the member referred to in sub-paragraph (f) is a person to whom the member payment provisions do not apply by virtue of paragraph 2 of Schedule 34, the date that the member ceased to be resident in the United Kingdom;

(h) the name and address of the body that regulates the scheme and the reference number, if any, issued to the scheme by the regulator;

(i) the name and address of the tax authority that administers the scheme and the reference number, if any, issued to the scheme by the authority;

(j) evidence to show that the scheme met at the time of the transfer and continues to meet the requirements specified in regulations 2 and 3 of the Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) Regulations 2006; and

(k) any other evidence relating to the transfer as may be required by the officer of Revenue and Customs.

(4) Information required in accordance with paragraph (1) must be provided—

(a) within 90 days beginning with the day on which the requirement is notified by the officer of Revenue and Customs; or

(b) by such other time as may be agreed between the officer and the scheme manager.

Textual Amendments

F11 Regs. 3A-3C inserted (6.4.2012) by The Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2012 (S.I. 2012/884), regs. 1(1), 9

Information – cessation of qualifying recognised overseas pension scheme U.K.

3B.   For the purposes of section 169(4), a pension scheme which ceases to be a qualifying recognised overseas pension scheme must within 30 days beginning with the day on which the cessation takes place (“the cessation date”) provide to an officer of Revenue and Customs—

(a) the value at the cessation date of the relevant transferred sums or assets pertaining to each relevant transfer fund under the scheme; and

(b) the name, principal residential address, date of birth and, if any, the national insurance number of each member in respect of whom there is a relevant transfer fund under the scheme at the cessation date.

Textual Amendments

F11 Regs. 3A-3C inserted (6.4.2012) by The Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2012 (S.I. 2012/884), regs. 1(1), 9

Information - changes, completion or correction U.K.

3C.   For the purposes of section 169(4), if at any time after a pension scheme has provided an officer of Revenue and Customs with information in accordance with regulation 3, 3A or 3B it becomes apparent to the scheme that—

(a) there is a material change affecting that information; or

(b) the information is incomplete or contains a material inaccuracy,

the scheme must provide to an officer of Revenue and Customs details of the change, the complete information or correction of the inaccuracy without undue delay.]

Textual Amendments

F11 Regs. 3A-3C inserted (6.4.2012) by The Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2012 (S.I. 2012/884), regs. 1(1), 9

Notice in cases of serious prejudice to proper assessment or collection of tax U.K.

4.—(1) If an officer of Revenue and Customs has reasonable grounds for believing that the pension scheme in question—

(a) has failed or may fail to comply with any of the requirements imposed upon it under or by virtue of [F12 regulation 2], and

(b) such failure is likely to have led or to lead to serious prejudice to the proper assessment or collection of tax,

paragraph (2) applies.

(2) If this paragraph applies, the officer may notify the pension scheme that he requires such information to be provided within 30 days of the issue of that notice, notwithstanding the provisions set out in [F13 regulation 2].

Textual Amendments

F12 Words in reg. 4(1)(a) substituted (6.4.2012) by The Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2012 (S.I. 2012/884), regs. 1(1), 10(a)

F13 Words in reg. 4(2) substituted (6.4.2012) by The Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2012 (S.I. 2012/884), regs. 1(1), 10(b)

Commencement Information

I4 Reg. 4 in force at 6.4.2006, see reg. 1(1)

David Varney

Steve Lamey

Two of the Commissioners for Her Majesty’s Revenue and Customs

1st February 2006

Explanatory Note

(This note is not part of the Regulations)

Regulation 1 provides for the citation and commencement of these Regulations and the interpretation of terms used in them.

Regulation 2 prescribes information which a qualifying overseas pension scheme must provide to an officer of Revenue and Customs in order to be recognised as such and the time limit by which that information must be provided. It also prescribes information to be given to such an officer by the scheme manager of a pension scheme, where relief is given in respect of contributions made by an individual, under paragraph 51 of Schedule 36 to the Finance Act 2004 (c. 12).

Regulation 3 prescribes information which a qualifying recognised overseas pension scheme must provide to an officer of Revenue and Customs to be recognised as such, and the time limits by which that information must be provided.

Regulation 4 prescribes circumstances in which an officer of Revenue and Customs may require a pension scheme to provide the information prescribed in regulations 2 and 3 of these Regulations within 30 days of the issue of a notice, notwithstanding the time limits provided in those regulations.

The former Board of Inland Revenue published a regulatory impact assessment in respect of the provisions of Part 4 of the Finance Act 2004 and subordinate legislation under it, on 8 April 2004. The functions of the Board were transferred by section 5 of the Commissioners for Revenue and Customs Act 2005 to Her Majesty’s Revenue and Customs (“HMRC”). The assessment is available on the HMRC website at http://www.hmrc.gov.uk/ria/simplifying-pensions.pdf or (for hard copies) by writing to the Ministerial Correspondence Unit, 1st Floor Ferrers House, PO Box 38, Castle Meadow Road, Nottingham, NG2 1BB.

(1)

2004 c. 12.

(2)

The functions of the Commissioners of Inland Revenue, including those under which this instrument is made, were transferred to the Commissioners for Her Majesty’s Revenue and Customs by section 5 of the Commissioners for Revenue and Customs Act 2005 (c. 11).Section 50 of that Act provides that insofar as it is appropriate in consequence of section 5 a reference, however expressed, to the Commissioners of Inland Revenue is to be read as a reference to the Commissioners for Her Majesty’s Revenue and Customs.

(3)

S.I. 2006/206.

(4)

Paragraph 2A was inserted by paragraph 12 of Schedule 10 to the Finance Act 2005.