Issue 584, 10 November 2015
QROPS update: HMRC advises how to make application for relief
As advised in ASFA Action issue 583, Treasury has been engaging with Her Majesty’s Revenue and Customs (HMRC) in the United Kingdom with respect to relief for members affected by the rule changes for Qualifying Recognised Overseas Pension Schemes (QROPS), which came into effect from 6 April 2015. Further background on this matter can be found in ASFA Action issues 569, 571, 574 and 578.
Treasury has now informed ASFA that it has received a response from HMRC, which advises that:
- the decisions will be made on a case by case basis
- the Commissioners are likely to concentrate on when the trustee of a QROPS, who was meeting the undertakings it had provided, would have been aware that it should no longer have been accepting transfers of UK tax-relieved funds
- the information that HMRC will need from the trustees of the superannuation funds for each individual who received a transfer from 6 April onwards is:
- name
- date of birth
- National Insurance Number
- principal residential address
- date transfer received by the superannuation fund
- the nature of the transfer
- the amount of the transfer.
- the transfers should be split into two categories:
- where the transfer was initiated and agreed prior to 6 April 2015, and the money was received by the superannuation fund on or after 6 April 2015 but before receipt of the letter dated 17 April from HMRC about the Pension Age Test
- where the transfer was initiated and agreed prior to 6 April 2015, and the money was received by the superannuation fund after receipt of the letter dated 17 April from HMRC about the Pension Age Test.
- any emails relating to the transfers should:
- use the subject heading ‘Pension Age Test – Australia’
- provide contact contact details for the fund
- be sent to regulations.qrops@hmrc.gsi.gov.uk.
Members wishing to discuss QROPS should contact Fiona Galbraith.