In a letter to the APSP last week, HMRC further stated that “once they have formal confirmation of the conclusion and the indicated outcome of the review, they have stated they will deal with all outstanding applications [for QROPS recognition] simultaneously,” according to association chairman Stuart Clifford, who is also a principal of Baker Tilly Isle of Man.
Clifford added that all members of the APSP are being kept up to date with respect to the situation, “and we look forward to receiving the expected confirmation shortly”.
The HMRC letter to the APSP confirms a report published here on Friday in which the Guernsey-based pensions director for Close Trustees, Mike Lightfoot, was quoted as saying HMRC was understood to be close to completing its review, and that the sense was that it would give the green light to the 50c legislation.
As reported, HMRC announced its review of the IoM’s pension legislation in December, and at that point stopped registering any new 50c QROPS.
Just one 50c scheme, Boal & Co’s Trinity Plan – which was initially registered in October, shortly after the Isle of Man approved the 50c-enabling legislation – has thus far made it onto HMRC’s all-important list of QROP schemes.
Pre-existing Isle of Man QROPS, which were set up before the legislation which made the 50c QROPS possible was approved, were not affected by the review.