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HMRC Pension schemes newsletter 110 30 May 2019
The latest pension schemes newsletter includes information on the consultation on the transposition of the Fifth Money Laundering Directive.
HM Treasury has opened a consultation on the steps that the government proposes to take to meet the UK’s expected obligation to transpose the Fifth Money Laundering Directive into national law.
The Fourth Money Laundering Directive (4MLD) placed a requirement on the UK to create a register for all express trusts that incur a UK tax consequence. As a result, HMRC set up the Trust Registration Service (TRS), which went live in 2017. The Fifth Money Laundering Directive (5MLD) expands the scope of this register by requiring trustees or agents of all UK and some non-EU resident express trusts to register those trusts with the TRS, whether or not the trust has incurred a UK tax consequence. It also requires the government to share data from the register with a range of persons under certain circumstances.
This consultation provides an opportunity to comment on how the change to require all express trusts to register, not just those who are liable to pay tax, would impact on registered pension schemes.
Pensions schemes newsletter 110 also includes updates on:
Relief at source
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• Managing Pension Schemes service – user research
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Recognised overseas pension schemes notification list 3 June 2019
The list of Recognised Overseas Pensions Schemes (ROPS) notifications has been updated.
The list is of schemes that have told HMRC they meet the conditions to be a ROPS and have asked to be included on the list. 18 schemes have been added in this update.
An updated list of ROPS notifications is published on the first and 15th day of each month. If this date falls on a weekend or UK public holiday the list will be published on the next working day. Sometimes the list is updated at short notice to temporarily remove schemes while reviews are carried out, for example, where fraudulent activity is suspected.
The requirements to be a ROPS changed from 6 April 2017 - find out about the changes for ROPS requirements.
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Pension Schemes Online: update to user guide 6 June 2019
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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