HM Revenue & Customs (HMRC) has launched an online reporting service for managers of qualifying recognised overseas pension schemes (QROPS), which it said is more secure than paper-based reporting.
The service is for QROPS scheme managers and UK scheme administrators to help them meet their reporting requirements for QROPS in a "quicker more secure way", HMRC said. Overseas scheme managers will be able to use the service to notify HMRC that they run a QROP, and report developments such as payments made out of funds and changes in status and fund value. It will also "make it easier...
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