• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      event logo
      International Investment Nordic Forum 2021

      International Investment is delighted to announce the 2021 International Investment Nordic Forum which will take place on Tuesday March 9, at 9am (GMT). This curated virtual event will be broadcast live and will feature a series of fund manager interviews and presentations, as well as interviews with some of the Nordic regions top fund selectors.

      • Date: 09 Mar 2021
      • ONLINE, ONLINE
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Pensions

HMRC indefinitely postpones publication of updated ROPS list

HMRC indefinitely postpones publication of updated ROPS list
  • Helen Burggraf
  • 05 June 2017
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

HM Revenue & Customs will not publish its long-awaited, updated ROPS list – suspended since Friday – today, even though that had been the plan. 

The government tax agency didn’t give a reason for the delay, nor did it say when the revised list will be published, beyond saying that it would be “as soon as possible”.

Related articles

  • HMRC suspends ROPS list, ahead of Monday’s publication of all-important updated list
  • Australia ROPS schemes approach 50% of HMRC list total
  • US returns to HMRC’s QROPS list
  • HMRC to suspend ROPS list, ahead of crucial 5th June update

However, it is thought that the revisions to the list might be taking longer than expected, and that the fact that there is a general election taking place in three days’ time could also be affecting day-to-day operations in government offices, including the Treasury, of which HMRC is a part.

In a statement, an HMRC spokesperson told International Investment: “The April and May Pension Schemes Newsletters set out the planned changes to the scheduled publication of the ROPS notification list this month.  This has allowed for an update for the removal of schemes that either have notified us that they no longer meet the requirements due to the regulations that took effect from 6 April, or did not reply to the information notice we sent out.

“It will be published as soon as possible.”

As reported, the updated list is of considerable interest to the UK pensions transfer industry, because it will reveal, once and for all, what HMRC considers acceptable for a scheme, and jurisdiction, to meet its latest requirements.

The concern of some industry practitioners is that, following a steady shrinking in the number of schemes on the list – and even, the elimination of several countries altogether from the list, including Canada and the US – many more schemes and jurisdictions will disappear, once the revised list is finally published.

The cull is the result of a new effort by HMRC and Treasury officials to more closely regulate the UK’s pension transfer industry, in response to growing complaints from out-of-pocket savers.

As of 6 April, scheme managers wishing for their schemes to continue to be a qualifying recognised overseas pension scheme (QROPS), or ROPS, as HMRC now calls them, have been required to confirm to HMRC that their scheme meets its “revised requirements”.

Scheme managers that previously had been required to designate 70% of an individual’s transferred funds to providing that individual “with an income for life” once retired are now required to complete and return a set of new forms provided to them by HMRC, which confirm that their scheme meets the new Regulatory Requirements, no later than 1 June.

It’s understood that the  revised list HMRC ultimately publishes will be based on the information provided to it via these forms.

It’s been a year of unexpected developments for the UK pension transfer industry, beginning with the surprise disappearance of a number of countries from the official online list – updated every two weeks – and then, with the news, contained in UK Chancellor Philip Hammond’s Spring Budget on 8 March, that a 25% tax would be levied on most pension transfers out of the country. Under the new rules, exceptions would be made in certain situations in which individuals might have a genuine need to transfer their pension, including when the individual was moving to or returning to a country located within the European Economic Area.

 

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Pensions
  • Taxation
  • UK
  • HM Revenue & Customs
  • HMRC
  • QROPS
  • ROPS

More on Pensions

Adviser survey reveals reasons for exiting pension transfer market

  • Pensions
  • 17 February 2021
More than 40% of Britons have three or more pension pots: Survey

  • Pensions
  • 16 February 2021
Comment: The pandemic has dramatically complicated issues of tax residency

  • Comment
  • 15 February 2021
Pension contributions for family members can be 90% tax saving: Canada Life

  • Pensions
  • 08 February 2021
£9.4bn withdrawn from UK pensions during 2020

  • Pensions
  • 29 January 2021
Back to Top

Most read

Jersey regulator fines three firms for breaching money laundering rules
Jersey regulator fines three firms for breaching money laundering rules
RL360 parent IFGL in top level management restructure
RL360 parent IFGL in top level management restructure
HSBC Singapore CEO to leave for Saudi British Bank
HSBC Singapore CEO to leave for Saudi British Bank
Emerging markets funds 'in the vanguard' of ESG investing over next five years
Emerging markets funds 'in the vanguard' of ESG investing over next five years
Expat exodus in Gulf states could continue into 2023: S&P report
Expat exodus in Gulf states could continue into 2023: S&P report
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading