The government’s online service for managing qualifying recognised overseas pension schemes (Qrops) will close in April.
According to an update from HM Revenue & Customs published today (14 February), the service will close on 5 April.
Managers and administrators of pension schemes, including transfers to and payments from Qrops, must now report information about overseas pension schemes to HMRC.
This means that from 6 April, those using Qrops will need to use the existing forms and reference material instead of the online service.
HMRC did not state why it was shutting down the service.
In last year’s Autumn Statement, the government said it was planning to more closely align the tax rules around Qrops and UK pension schemes as it looked to prevent overseas schemes from being misused.
In December, HMRC decided to remove all but three Canadian qualifying recognised overseas pension schemes from its official list.
This prompted many to question if the Revenue was cracking down on non-compliant Qrops.
The online service is used to notify HMRC if a schemes is a Qrops, report payments out of funds transferred from a UK pension scheme to a Qrops, or to report changes in details, status or fund value.