HMRC has published their latest, updated list of schemes that have told HM Revenue and Customs (HMRC) they meet the conditions to be a Recognised Overseas Pension Scheme (ROPS).
Within this list:
10 have been added 14 have been removed, and 3 have been amendedHM Revenue and Customs (HMRC) can’t guarantee these are Recognised Overseas Pension Schemes (ROPS) or that any transfers to them will be free of UK tax, the responsibility lies with the organisation to find out if there is any tax to pay on any transfer of pension savings.
HMRC will usually pursue any UK tax charges (and interest for late payment) arising from transfers to overseas entities that do not meet the ROPS requirements even when they appear on this list. This includes where taxpayers are overseas. HMRC will also charge penalties in appropriate cases.
Tax relief is given on pensions to encourage saving to provide benefits in later life. Accessing benefits (directly or indirectly) before age 55 will result in a liability to UK tax charges in all but the most exceptional circumstances. organisations should seek suitable professional advice including from a regulated financial adviser.
