Introduction Details of the Section
2.Subsection 1 amends section 150 of Finance Act 2004 to clarify the power to make regulations setting out conditions that apply to a “recognised overseas pension scheme”.
3.Subsection 4 substitutes a new section 169(4) of Finance Act 2004 and introduces new sections 169(4A) and (4B). These provisions contain powers enabling HMRC to make regulations setting out information requirements; enable HMRC to require additional information from a new or existing QROPS; allow HMRC to obtain information from a pension scheme that has been a QROPS; and provide a power to apply the penalties set out in Part 7 of Schedule 36 to the Finance Act 2008 to a failure by a former QROPS to comply with the new information requirements.
4.Subsection 5 substitutes a new section 169(5)(a) of Finance Act 2004 to set out the circumstances in which it can be appropriate for a pension scheme to be excluded from being a QROPS.
5.Subsection 7 defines certain terms used in subsections (4) to (6), in particular “relevant requirement” which includes a requirement imposed under Part 1 of Schedule 36 to the Finance Act 2008. Information requirements mentioned in paragraph 14 of this note include a requirement imposed under that Part.