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Chapter IEIM401760

Document Cited authorities 1 Cited in Related
Vincent
Published date25 April 2016
Record NumberIEIM401760
CourtHM Revenue & Customs
IssuerHM Revenue & Customs
Financial Accounts: Excluded Accounts: Retirement and Pension Accounts FATCA

All retirement accounts and products established under a:

  • UK registered pension scheme under Part 4 of the Finance Act 2004; and

  • Non-registered pension arrangement, including arrangements with overseas pension funds, where
    • Annual contributions are limited to £50,000; and
    • The funds contributed cannot be accessed before the age of 55, except in circumstances of serious ill health*

  • Immediate needs annuity qualifying as such under Section 725 Income Tax (Trading and Other Income) Act 2005

are in Annex II of the US IGA and are excluded accounts for FATCA purposes.

CRS

For CRS, only retirement accounts and products established under a:

  • UK registered pension scheme under Part 4 of the Finance Act 2004; and
  • Immediate needs annuity qualifying as such under Section 725 Income Tax (Trading and Other Income) Act 2005

are Excuded Accounts, being listed as as excluded accounts in Schedule 2 of the International Tax Compliance Regulations 2015. Non-registered pension arrangements were originally excluded accounts for CRS purposes but were made reportable for CRS with effect from 13 May 2020 [see IEIM401740].

Financial Institutions will have no reporting obligations in respect of these accounts or products. For clarification this applies to both the accumulation and decumulation phases of a pension scheme, contract or arrangement.

Registered Pension Scheme

A registered pension scheme is a pension scheme or contract that is registered with or deemed registered with HMRC. Any pension scheme or contract which had tax approval on 5 April 2006 (or whose tax approved status was granted on or after 6 April 2006, but was backdated so...

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