Draft Finance Act 2012 legislation - relating to expats
Dec 7th 2011, 4:51 am
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Draft Finance Act 2012 legislation - relating to expats
The draft Finance Act 2012 legislation was published yesterday and there are two major issues that affect expats that were included.
1. The draft legislation for the introduction of the Statutory Residency Test is to be delayed until the Finance Act 2013 and so will not become law until April 2013.
2. A number of proposed legislative changes to QROPS. The five year rule for scheme reporting will change to 10 years; QROPS must be recognised for tax purposes in their country of establishment; and individuals will have to acknowledge the tax implications of moving the fund out of the UK. This is in consultation, but it seems clear that HMRC want to crack down on people trying to break the spirit of the rules pertaining to pensions.
I'll try and get a post on my blog in the next day or so with a little more information for anyone who is interested. (Or you could subscribe to be notified of new posts.)
1. The draft legislation for the introduction of the Statutory Residency Test is to be delayed until the Finance Act 2013 and so will not become law until April 2013.
2. A number of proposed legislative changes to QROPS. The five year rule for scheme reporting will change to 10 years; QROPS must be recognised for tax purposes in their country of establishment; and individuals will have to acknowledge the tax implications of moving the fund out of the UK. This is in consultation, but it seems clear that HMRC want to crack down on people trying to break the spirit of the rules pertaining to pensions.
I'll try and get a post on my blog in the next day or so with a little more information for anyone who is interested. (Or you could subscribe to be notified of new posts.)
Last edited by Meow; Dec 7th 2011 at 4:55 am.
