The Pension Schemes (Information Requirements — Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pensions Schemes and Corresponding Relief) Regulations 2006

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Information — benefit crystallisation events in relation to relevant migrant members and individuals entitled to corresponding relief
     2. —(1) For the purposes of paragraph 5(2) of Schedule 33 and paragraph 51(4) of Schedule 36 (information about benefit crystallisation events in cases of relevant migrant members and individuals entitled to corresponding relief) the prescribed benefit crystallisation information is—

(a) the name and address of the relevant migrant member or individual (as the case may be) in respect of whom there has been a benefit crystallisation event in the tax year; and

(b) the date, amount and nature of the benefit crystallisation event.

    (2) The information must be provided by 31st January next following the end of the tax year in which the benefit crystallisation event occurs.

Information — qualifying recognised overseas pension schemes
     3. —(1) For the purposes of section 169(4) (meaning of qualifying recognised overseas pension scheme), a qualifying recognised overseas pension scheme must provide to an officer of Revenue and Customs—

(a) the name of the country or territory in which it is established;

(b) in the case of a scheme falling within regulation 3(4) of the Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) Regulations 2006[3], evidence demonstrating that it fulfils the requirement set out in that paragraph; and

(c) any other evidence required in writing by the officer.

    (2) When a qualifying recognised overseas pension scheme makes, or is treated under the relevant provisions as making, a payment in respect of a relevant member, it must provide to an officer of Revenue and Customs—

(a) the name and address of the relevant member; and

(b) the date, amount and nature of that payment.

Here "the relevant provisions" means sections 172 to 174[4] and paragraph 2A of Schedule 28[5].

This paragraph is subject to the qualifications in paragraphs (3) and (4).

    (3) No obligation arises under paragraph (2) if the relevant member to whom the payment is made or treated as made is a person to whom the member payment provisions do not apply (see paragraph 2 of Schedule 34).

    (4) In the case of a payment by way of a pension the obligation under paragraph (2) applies only to the first such payment.

    (5) The information required by paragraph (2) must be provided by 31st January next following the tax year in which the payment is made or is treated as made.

This paragraph is subject to regulation 4.

    (6) For the purposes of this regulation—

"payment" has the meaning given in section 161(2); and

"relevant member" means a member of a scheme in respect of whom there is a relevant transfer fund within the meaning of the Pension Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006[6].

Notice in cases of serious prejudice to proper assessment or collection of tax
     4. —(1) If an officer of Revenue and Customs has reasonable grounds for believing that the pension scheme in question—

(a) has failed or may fail to comply with any of the requirements imposed upon it under or by virtue of these Regulations, and

(b) such failure is likely to have led or to lead to serious prejudice to the proper assessment or collection of tax,

paragraph (2) applies.

    (2) If this paragraph applies, the officer may notify the pension scheme that he requires such information to be provided within 30 days of the issue of that notice, notwithstanding the provisions set out in regulations 2 and 3.


David Varney

Steve Lamey
Two of the Commissioners for Her Majesty's Revenue and Customs

1st February 2006

[2] The functions of the Commissioners of Inland Revenue, including those under which this instrument is made, were transferred to the Commissioners for Her Majesty's Revenue and Customs by section 5 of the Commissioners for Revenue and Customs Act 2005 (c. 11).Section 50 of that Act provides that insofar as it is appropriate in consequence of section 5 a reference, however expressed, to the Commissioners of Inland Revenue is to be read as a reference to the Commissioners for Her Majesty's Revenue and Customs.back

[3] S.I. 2006/206.back

[4] Sections 172A to 172D were inserted by paragraph 38 of Schedule 10 to the Finance Act 2005 (c. 7).back

[5] Paragraph 2A was inserted by paragraph 12 of Schedule 10 to the Finance Act 2005.back

[6] S.I. 2006/207.back