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With effect from the 6th of April 2012 the government place new legislation into place that altered the QROPS tax guidelines. These folks who may have a QROPS or qualifying recognised overseas pension are those that have retired overseas and transferred their pension pot to 1 of the HMRCs recognised schemes. This means that they then become topic to the tax laws inside that country.

This write-up will offer a basic QROPS guide as to the crucial alterations to the regulations which had been produced in April 2012. Firstly, the tests to grow to be an overseas pension scheme and a recognised overseas pension scheme need to have to be firmed up, in order to guarantee the guidelines will work as initially intended. The registered pension scheme (RPS) must be provided with new member information together with a signed acknowledgement, prior to the pre transfer out of RPS. There has also been an update to the timeframe for an RPS to report a transfer to a QROPS, and added info is now to be provided.

Alterations have also been produced to the period in which a QROPS has to report data to HMRC, so QROPS advisers will need to have to take this into account when updating their customers. The new regulations also state that payments by QROPS have to be reported inside 90 days on a revised paper form. Even though these key modifications became efficient on 6 April 2012, a transition period has been taken into consideration.

Other changes to the regulations within the QROPS guide involve amendments for new overseas schemes seeking to attract transfers of UK tax-relieved funds. QROPS advisers need to have to be conscious of alterations to the APSS251 form, which enables schemes to notify HMRC that they meet the needs to turn into a recognised overseas pension scheme. The new reporting process ought to be utilised by any payments produced or deemed as created by these schemes. Please note the 10 year reporting period will still apply to all payments created by a QROPS on or following 6 April 2012, even for these members who have not been a UK resident for more than five complete tax years.

There are numerous critical pieces of details which want to be taken into account when setting up or transferring QROPS. It is highly proposed that guidance is taken from a qualified QROPS adviser in order that up to date and accurate details is transferred. sipps explained qrops sipp investments