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With impact from the 6th of April 2012 the government put new legislation into spot that altered the QROPS tax guidelines. Those individuals who could have a QROPS or qualifying recognised overseas pension are these that have retired overseas and transferred their pension pot to one of the HMRCs recognised schemes. This means that they then grow to be topic to the tax laws inside that country. research retirement planning This write-up will offer a simple QROPS guide as to the essential changes to the regulations which were created in April 2012. Firstly, the tests to become an overseas pension scheme and a recognised overseas pension scheme need to be firmed up, in order to guarantee the guidelines will perform as originally intended. The registered pension scheme (RPS) have to be provided with new member info together with a signed acknowledgement, prior to the pre transfer out of RPS. There has also been an update to the timeframe for an RPS to report a transfer to a QROPS, and extra information is now to be supplied. Adjustments have also been created to the period in which a QROPS has to report details to HMRC, so QROPS advisers will want to take this into account when updating their clients. The new regulations also state that payments by QROPS need to be reported within 90 days on a revised paper form. Although these essential adjustments became efficient on 6 April 2012, a transition period has been taken into consideration. Other modifications to the regulations inside the QROPS guide involve amendments for new overseas schemes searching for to attract transfers of UK tax-relieved funds. QROPS advisers need to be aware of adjustments to the APSS251 form, which enables schemes to notify HMRC that they meet the specifications to turn out to be a recognised overseas pension scheme. The new reporting method should be utilised by any payments produced or deemed as produced by these schemes. Please note the ten year reporting period will still apply to all payments produced by a QROPS on or after 6 April 2012, even for these members who have not been a UK resident for more than 5 full tax years. There are many essential pieces of information which need to be taken into account when setting up or transferring QROPS. It is very advised that advice is taken from a qualified QROPS adviser in order that up to date and correct data is transferred.