Chapter PTM111400
| Published date | 27 March 2015 |
| Record Number | PTM111400 |
| Court | HM Revenue & Customs |
| Issuer | HM Revenue & Customs |
| Glossary | PTM000001 |
Section 150(7) and paragraph 5(1) Schedule 33 Finance Act 2004
Regulation 2 The Pension Schemes (Category of Country and Requirements for Overseas Pension Schemes) Regulations 2006 - SI 2006/206
What is a qualifying overseas pension scheme
Notifying HMRC that a scheme is an overseas pension scheme
Exclusion of scheme from being a qualifying overseas pension scheme
Record-keeping in respect of a relevant migrant member by a qualifying overseas pension scheme
A qualifying overseas pension scheme is an overseas pension scheme where the scheme manager has
- notified HMRC that it meets the conditions to be an overseas pension scheme and provided any such evidence that HMRC may require
- undertaken to notify HMRC if the scheme ceases to be an overseas pension scheme, and
- undertaken to comply with the prescribed benefit crystallisation information requirements
and HMRC has not excluded the scheme from being a qualifying overseas pension scheme - see Exclusion of scheme from being a qualifying overseas pension scheme below.
PTM112200 explains the conditions a scheme has to meet to be an overseas pension scheme.
PTM111800 explains what the prescribed benefit crystallisation information requirements are.
Notifying HMRC that a scheme is an overseas pension schemeForm APSS 250 can be used by scheme managers to make the required notification and give the relevant undertakings to HMRC. Form APSS 250 is available from the gov.uk website (https://www.gov.uk/). Scheme managers must send the notification and undertakings to
Pension Schemes Services
HM Revenue & Customs
Ferrers House
Castle Meadow Road
Nottingham
NG2 1BB
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Exclusion of scheme from being a qualifying overseas pension schemeParagraphs 5(3) to (5) and 6 Schedule 33 Finance Act 2004
HMRC may exclude a scheme from being a qualifying overseas pension scheme if they decide that:
- there has been a significant failure to comply with the information reporting requirements set out at PTM111800 and
- as a result it is inappropriate for tax relief to be given on contributions to the scheme.
A failure will be significant if, for example, a substantial amount of information has not been provided or if the failure to provide any information is likely to result in serious prejudice to the assessment or collection of tax. Any contributions made to the scheme after the date on which it ceases to be a qualifying overseas...
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