PTM112720 - International: qualifying recognised overseas pension schemes (QROPS): information to be provided on request to HMRC
PTM112700 provides guidance on the information that scheme managers of qualifying recognised overseas pension schemes (QROPS) must give HMRC automatically when certain events occur. This page covers the information QROPS scheme managers must provide if HMRC asks for it.
Giving HMRC information about how the scheme meets the ROPS conditions
Information about transfers received by the scheme
Information about a scheme manager that is a company
Information notices under Schedule 36 Finance Act 2008
What happens if the scheme manager does not provide information
Giving HMRC information about how the scheme meets the ROPS conditions
Regulation 3(1)(g) The Pension Schemes (Information Requirements for Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pension Schemes and Corresponding Relief) Regulations 2006 - SI 2006/208
HMRC can write to a QROPS scheme manager at any time asking them to provide information or evidence about how the scheme meets the conditions to be a recognised overseas pension scheme (ROPS). HMRC can ask for information or evidence about any of the following areas.
About the scheme manager
The scheme manager’s name, address, contact details and legal status.
About the scheme
The scheme name, address, the date it was set up and the country or territory where the scheme is established.
About the scheme regulation
Whether or not the scheme is regulated in the country or territory in which it is established.
If the scheme is regulated, the name and address of the regulator and any reference number allocated by that regulator.
About the scheme’s tax treatment
The name and address of the tax authority for the scheme in the country or territory in which it is established and the reference number, if any, allocated by that tax authority.
If the scheme is set up by an international organisation. this information doesn’t need to be provided.
How the scheme meets the conditions
Confirmation of the basis on which the scheme satisfies the requirements of regulations 2 and 3 of The Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) Regulations 2006 - SI 2006/206. PTM112200 to PTM112300 provide guidance about these regulatory conditions.
Information about transfers received by the scheme
Regulation 3A The Pension Schemes (Information Requirements for Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pension Schemes and Corresponding Relief) Regulations 2006 - SI 2006/208
HMRC can require the QROPS scheme manager to provide information if that scheme received a transfer whilst the scheme had QROPS status and the transfer came from:
- a registered pension scheme, or
- another QROPS, where the transfer included rights that originated from a registered pension scheme.
This information must be given to HMRC within 90 days of the date that HMRC issued the notice requesting it. In limited circumstances, HMRC may agree a later date with the scheme manager.
HMRC may send a written notice asking for any of the following information:
About the transferring member
For every member that has made a transfer into the scheme from a registered pension scheme or another QROPS:
- Name
- Date of birth
- Principal residential address,
- National Insurance number, if they have one, and
- if the member payment provisions do not apply by virtue of paragraph 2 Schedule 34 Finance Act 2004, the date the member ceased to be UK resident.
Under paragraph 2 Schedule 34 how long the member payment provisions apply for depends on whether or not the member has:
- a ring-fenced transfer fund with a key date later than 5 April 2017, or
- UK tax-relieved funds built up on or after 6 April 2017.
For individuals who have neither a ring-fenced transfer fund with a key date later than 5 April 2017, nor UK tax-relieved funds built up on or after 6 April 2017, the member payment provisions apply if the member is:
- UK resident, or
- was UK resident in any of the previous five tax years.
For individuals who have a ring-fenced transfer fund with a key date after 5 April 2017, or UK tax-relieved funds built up on or after 6 April 2017, the member payment provisions apply if the member:
- is UK resident,
- was UK resident in any of the previous 10 tax years, or
- it is less than five years after the key date of any of the member’s ring-fenced transfer funds.
About each transfer
The date of the transfer to the scheme.
Where the transfer is from a registered pension scheme, the name and address of that scheme.
Details of the sums and assets transferred (and how they have been applied by the scheme that received them, if the notice is to that receiving scheme).
The name and address of any bank, and details of any bank account which the scheme has used in relation to the transfer.
Any other evidence relating to the transfer that HMRC requires.
About the scheme
The name and address of the body that regulates the scheme and the reference number, if any, issued to the scheme by that regulator.
The name and address of the tax authority which administers the taxation of the scheme and the reference number, if any, issued to the scheme by that tax authority.
Evidence to show that, at the time of the transfer, the scheme met the conditions to be a ROPS and continues to meet the ROPS conditions (see PTM112200 to PTM112300).
Information about a scheme manager that is a company
Regulation 3(5A) The Pension Schemes (Information Requirements - Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pensions Schemes and Corresponding Relief) Regulations 2006 - SI 2006/208
If the scheme manager is a company, HMRC may make a written request for the name and addresses of each company director. The notice will specify the time by which the information must be provided.
Information notices under Schedule 36 Finance Act 2008
HMRC can ask the scheme manager to provide information or produce documents using the powers at Schedule 36 Finance Act 2008. PTM169000 gives more information about these powers. If the scheme manager does not comply with an information notice, penalties will be due. Guidance on when penalties may be charged, and the amounts due for failing to comply with an information notice, can be found in the Compliance Handbook starting at CH26000.
A scheme can also be excluded from being a QROPS if it fails to comply with a Schedule 36 information notice.
What happens if the scheme manager does not provide information
If the scheme manager fails to make the reports within the required time HMRC can exclude the scheme from being a QROPS - see PTM112500.