As reported earlier today, HMRC published the list with 432 schemes seemingly removed, but offered no explanation as to why. It was initially suggested by some in the industry that the schemes removed were those which had been added after a re-shaping of the QROPS legislation in April 2012.
However, since then a number of those whose schemes appeared to have been removed from the list have contacted HMRC and been informed there had been a “technical glitch”.
Gerry Kelly group finance director of Sovereign Trust in Gibraltar, a company which has been impacted by HMRC’s error, said: “It was quite a concern when we first discovered that our schemes were not listed but HMRC confirmed that it was a technical glitch and a revised listing will be uploaded to their website shortly.”
‘Embarrassing error’
An HMRC spokesperson told International Adviser: “There has been a problem with the publication of the QROPS list and HMRC is looking into the matter urgently.”
Pushed on whether the list published last night was in fact an old list, HMRC said it was “embarrassed to admit that the omission of the 432 QROPS was due to a manual error caused while collating the data”.
HMRC would not deny this list was due to be published at some point in the future and added it had “nothing to do with an announcement it is due to make on QROPS shortly”.
At a judicial hearing two weeks ago into the long-running ROSIIP QROPS, which was de-listed by HMRC in 2008, the Revenue admitted it was currently conducting a “high level” review into the retirement products and that the result of this would be available in the near future.
HMRC were also asked by the judge to produce a policy statement explaining its full position on QROPS, with particular reference to ROSIIP and to Beazley, another scheme previously de-listed by the Revenue, and to confirm it would do so within 21 days. If HMRC said it was unable to provide a policy statement the judge said he would be “forced to make a judgement on the case”, therefore setting a court precedent.
It is not the first time HMRC has made an error when publishing sensitive QROPS documents. In March last year, in the run-up to anticipated legislative changes, the Revenue published guidance notes very briefly on its website which were not in fact due for publication until weeks later.
