PART 1

Income Tax, Corporation Tax and Capital Gains Tax
CHAPTER 4

Pensions

Overseas pension schemes: general
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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,
, and
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 requirement imposed by regulations under subsection (4), or
  2. 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,
.