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HMRC ‘technical glitch’ sees 432 Qrops mistakenly struck off

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A HM Revenue & Customs technical glitch has seen 432 Qrops schemes mistakenly removed from its register.

A HMRC list published on 1 July showed hundreds of schemes had been removed but HMRC says this was due to a mistake and it will try to correct the error shortly. HMRC can not confirm how many schemes have actually been removed, if any, and can provide no further information on the nature of the glitch.

The list contains pension schemes that have told HMRC they meet the conditions to be a Qrops and have asked to be included on the list. It says schemes not included on the list may still be legitimate.

It states: “If you have any doubts that a pension scheme that is listed meets, or continues to meet the conditions to be a Qrops, you should check with the scheme manager of the relevant pension scheme. HMRC cannot provide assurances of Qrops status.

“HMRC may also temporarily remove a scheme from this list in certain circumstances while it carries out a review. Such removal will not necessarily mean that the scheme has been excluded from being a Qrops by HMRC – but the scheme will be removed from the published list until HMRC has completed its review.”

HMRC is strengthening regulations on Qrops by requiring any overseas scheme to report payments out of funds, imposing penalties on non-compliant schemes and introducing a process for scheme managers to re-notify HMRC they meet the conditions for Qrops.

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Comments

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  1. Christopher Lean 3rd July 2013 at 6:07 am

    Well, that caused a major flurry of activity yesterday in the offshore market. Conspiracy theories abounded, journalists rushed to get the story out and I am sure HMRC was inundated with calls from QROPS trustees.

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