Pension schemes newsletter 127

05 February 2021

The latest pension schemes newsletter has been published by HMRC’s Pension Scheme Services to provide updates to stakeholders.

Pension Schemes Newsletter 127 includes articles relating to:

  • Managing the Pension Scheme service – practitioner registration and authorisation features
  • Relief at Source – notification of residency status reports for 2021-22
  • Gibraltar qualifying recognised overseas pension schemes (QROPS) – new regulations
  • Pension flexibility statistics - for period 1 October 2020 to 31 December 2020

Gibraltar QROPS

It was explained in Pension Schemes newsletter 119 that the Pensions Tax Manual (PTM102300) confirms that transfers to an European Economic Area (EEA) state are not subject to the overseas transfers charge.

Gibraltar was not an EEA state but was treated as one by virtue of the Treaty on the Functioning of the EU. This subsequently meant that Gibraltar was not subject to the overseas transfers charge.

As the transition period has now come to an end, new regulations have been produced and laid, which mean that recognised transfers, or onward transfers, to a QROPS established in Gibraltar are treated in the same way as they were prior to the UK leaving the EU.

The Pension Schemes (Qualifying Recognised Overseas Pension Schemes)(Gibraltar) (Exclusion of Overseas Transfer Charge) Regulations 2021.

To read the remaining articles in full, please access the latest newsletter here.


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