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—

    1. a

      a requirement imposed by regulations under subsection (4), or

    2. 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,