Hong Kong drops off HMRC Rops list
HM Revenue & Customs has removed all 19 Hong Kong recognised overseas pension schemes (Rops) from its online notification list. The notification list, which is released fortnightly by HMRC, contains pension schemes that have told the department that they meet conditions to be a Rops.
David White, managing director of QB Partners, says HMRC often removes schemes from the list without warning, so the Hong Kong development has not come as a surprise for industry commentators.
"HMRC have an ongoing review process whereby they look to ensure that overseas pension schemes are meeting their requirements," White said."If schemes do not meet HMRC's requirements HMRC can remove them from the list and this does happen fairly regularly," he said. White said schemes can be reinstated to the list once they address the shortfall in the HMRC requirements. Please link to International Adviser to read the full article by Tom Carnegie.