An update to my post of 24 August 2013. HMRC has issued "Guidance for individuals, pension schemes and advisers on the taxation of unauthorised transfers to schemes included on the QROPS list"
The guidance is here
In summary the guidance provides that no unauthorised payments charge will be levied on transfers taking place before 24 September 2008 to a scheme included on the QROPS list where the transferor has taken the listing as assurance that the scheme qualified as a QROPs.
For transfers after 24 September 2008 to schemes on the QROPs list that transpire not to have been QROPs the situation is rather unclear and the guidance states,
"HMRC will consider whether to exercise its collection and management powers on the particular facts of the case in the light of the principle of conspicuous unfairness mentioned above."
I still think the only way to deal with this is for HMRC to do more vetting of QROPs in advance of their names being published on the QROPs list so that instances of non - qualifying schemes being listed become negligible.
One curio is that HMRC refer to the guidance being issued in response to R (Gibson) v Commissioner for HM Revenue and Customs but a search of my tax cases for this drew a blank. I wonder if its the official name of ROSIIP judicial review?
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