A Qualifying Recognised Overseas Pension Scheme ("QROPS") is a recognised overseas pension scheme which satisfies certain requirements of Her Majesty's Revenue and Customs ("HMRC") in the United Kingdom. The scheme manager must notify HMRC that the scheme is a recognised overseas pension scheme and provide evidence to HMRC where required. The scheme manager must also sign an undertaking to inform HMRC if the scheme ceases to be a recognised overseas pension scheme and comply with any prescribed information requirements imposed on the scheme manager by HMRC. The recognised overseas pension scheme must not be excluded by HMRC from being a qualifying recognised overseas pension scheme.
A recognised overseas pension scheme is defined as an overseas pension scheme which is established in a country or territory mentioned in regulation 3(2) of the Pension Schemes (Categories of Country and Requirements for Recognised Overseas Schemes) Regulations 2006 - SI 2006/206. Such a scheme can be established in Mauritius which has a Double Taxation Agreement with the United Kingdom providing for the exchange of information between the fiscal authorities of the United Kingdom and Mauritius and for non-discrimination between UK Nationals and nationals of Mauritius.
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