A SINGAPORE-BASED company has lost its appeal against HM Revenue & Customs decision to remove a pension scheme from its safe list.
HMRC struck Singapore off its list of countries that individuals can transfer their pensions to without incurring tax charges in 2008. The taxman believed that Singapore was being used by many qualifying recognised overseas pension schemes (Qrops) users to bypass pensions rax rules, Citywire reported; they did this through taking out large cash lump sums after the five-year tax reporting rules had expired.
Equity Trust took HMRC to high court to declare whether its own scheme, the Panthera Recognised Overseas Self Invested International Pension (Rosiip), was lawful. The judge ruled its scheme was not open to Singapore residents, contrary to Equity Trust’s claims, as Singapore’s inland revenue believed it operated as a foreign trust and gave it tax breaks accordingly.
This ruling means that scheme members will have to pay income tax charges of up to 50% on the funds in the scheme.
The judge gave Equity Trust permission to challenge the ruling.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy