London, UK (PRWEB UK) 28 June 2013
Pryce Warner International Group According to the Economic Times, on Friday 21st of June at the Royal Courts of Justice (case number CO/5791/2012) HMRC (Her Majestys Revenue and Customs) withdrew assessments more than a de-listed QROPS (Qualified Recognised Overseas Pension Scheme) scheme in Singapore.

HMRC attempted to withdraw from the case and settle, which would have potentially meant avoiding losing and therefore setting a legal precedent that would have allowed other de-listed schemes to challenge HMRC.

Nevertheless, the judge presiding over the case demanded that HMRC issue a detailed QROPS policy statement prior to the 12th of July otherwise the withdrawal will not be permitted.

David Retikin, Director of Operations at Pryce Warner International Group, commented: This case has in one form or an additional been going on for several years, and it is encouraging that it is ultimately achieving some closure. Withdrawing would have presumably have left HMRCs regulations as they stand. It seems a very prescient move by the judge to need HMRC to give a policy statement so that the precise legal framework can be set in spot going forward.

He continued: There is some speculation and concern that whatever the outcome, it will be undesirable for the business, but in practice reputable QROPS will not necessarily see considerably of a modify other than possibly some extra administrative formalities.

Simon Tyler of Pinsent Masons, the law firm behind Out-Law.com, commented: If HMRC is to publish a list, that list can be expected to provide details that other people can rely on. If pensions administrators can see that a scheme is listed, they need to not have to pay penal tax if HMRC shouldn’t have incorporated that scheme on its list. HMRC’s aggressive method has cast a poor light on its operations, and it will now have to spend all the legal expenses incurred in this sorry tale.

By Aneil Fatania





