PART 1Income Tax, Corporation Tax and Capital Gains Tax
CHAPTER 4Pensions
53Overseas pension schemes: general
1
In section 150(8) of FA 2004 (meaning of “recognised overseas pension scheme”), for the words from “which” to the end substitute “
which satisfies any requirements prescribed for the purposes of this subsection by regulations made by the Commissioners for Her Majesty's Revenue and Customs.
”
2
Section 169 of that Act (pension schemes: recognised transfers) is amended as follows.
3
In subsection (2)(c), for “any prescribed information requirements imposed on the scheme manager” substitute “
any requirements imposed under subsection (4)
”
.
4
For subsection (4) substitute—
4
Regulations may require the scheme manager of a QROPS or former QROPS to—
a
give the Commissioners information of a prescribed description,
b
give the Commissioners such evidence as they may require of a prescribed matter, and
c
give a prescribed authority, in prescribed circumstances, information of a prescribed description.
4A
Regulations under subsection (4) may make provision as to—
a
the way and form in which information or evidence is to be given, and
b
the times or intervals at which information or evidence is to be given.
4B
The regulations may apply any provision of Part 7 of Schedule 36 to FA 2008 (penalties), with or without modifications, in relation to requirements imposed under the regulations on a former QROPS.
5
In subsection (5)—
a
for “the Inland Revenue has” substitute “
the Commissioners have
”
,
b
for paragraph (a) (but not the “and” at the end of it) substitute—
a
any of the following conditions is met in relation to the scheme—
i
there has been a failure to comply with a relevant requirement and the failure is significant,
ii
any information given pursuant to a relevant requirement is incorrect in a material respect,
iii
any declaration given pursuant to a relevant requirement is false in a material respect,
iv
there is no scheme manager,
c
in paragraph (b), for “the failure” substitute “
that condition being met
”
.
6
For subsection (6) substitute—
6
A failure to comply with a requirement is significant if—
a
it is a failure to give information or evidence that is (or may be) of significance, or
b
there are reasonable grounds for believing that the failure prejudices (or might prejudice) the assessment or collection of tax by the Commissioners.
7
After subsection (7) insert—
8
In subsections (4) to (6) and this subsection—
“the Commissioners” means the Commissioners for Her Majesty's Revenue and Customs;
“prescribed” means prescribed by regulations;
“QROPS” means a qualifying recognised overseas pension scheme, and “former QROPS” means a scheme that has at any time been a QROPS;
“regulations” means regulations made by the Commissioners;
“relevant requirement” means—
- a
a requirement imposed by regulations under subsection (4), or
- b
a requirement imposed by virtue of Part 1 of Schedule 36 to FA 2008 (powers to obtain information and documents).
8
In section 280(1) of that Act (abbreviations), insert at the appropriate place—
“FA 2008” means the Finance Act 2008,