HMRC have again suffered an embarrassing internal error, after accidently publishing the new QROPS rules, not set to be introduced till April 6, online.
Last week the official new legislations were published on the HMRC website, weeks before their introduction. They appeared on the HMRC website for around 8 hours before being taken down, with the blame being placed on a trigger-happy technician.
Despite being swiftly taken down the error was noticed by eagle-eyed reporters as a broken link to the information could still be found on HMRC’s online newswire. Upon being questioned for more information regarding the broken link, HMRC admitted that a simple mistake led to the premature publication.
An HMRC spokesman said: “It was our fault the documents were posted early on the web site. Someone pressed something they were not supposed to. The documents will be reposted, but I cannot say when. It could be before or after the Budget, but the QROPS rules are tied in to different legislation, so it could be any time.”
Despite this attempted shroud of secrecy, the main changes to the QROPS are believed to be an extending reporting period, up to ten years, and a new rule that requires jurisdictions to offer the same products to both expats and local residents. Both Guernsey and the Isle of Man are known to have adjusted their pensions systems to accommodate for the new rules while still maintaining an attractive offshore product.
Find out how the new QROPS rules could affect you by discussing the matter with a recommended financial adviser.