The government will introduce changes in primary legislation (in the Finance Bill 2013) to strengthen reporting requirements and powers of exclusion relating to qualifying recognised overseas pension schemes (Qrops).
They support the changes in secondary legislation published for consultation on 6 December 2011.
The government also announced that where the country or territory in which a Qrops is established makes legislation or otherwise creates or uses a pension scheme to provide tax advantages that are not intended to be available under the Qrops rules, the government will act so that the relevant types of pension scheme in those countries or territories will be excluded from being Qrops.
Read more reports from the Budget 2012