Government publishes draft legislation on changes affecting transfers into Qrops

The government has published draft secondary legislation for consultation on changes to the system for transfers of pension savings into qualifying recognised overseas pension schemes (Qrops) together with a draft explanatory memorandum.

The draft legislation, which is among the clauses and tax updates in the government’s draft Finance Bill 2012 published on 6 December, revises the conditions a scheme has to meet to be a Qrops, and strengthens the information and reporting requirements.

The purpose of the consultation is to take views on whether these changes have been successfully reflected in the draft legislation. The consultation ends on 31 January 2012.

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