TMF Trustees Singapore Ltd v HM Revenue and Customs [2012] EWCA Civ 192 (02 March 2012)

TMF Trustees Singapore Ltd v HM Revenue and Customs [2012] EWCA Civ 192 (02 March 2012)

ROSIIP does not qualify as a QROPS because Singapore has a system for approval of occupational pension schemes under section 5 SITA, so Condition B is not satisfied, and ROSIIP is not open to Singapore residents, so Primary Condition 1 is not satisfied.

Citation
[2012] EWCA Civ 192
Parties
Claimant/appellant: TMF Trustees Singapore Ltd (formerly Equity Trust (Singapore) Ltd); Defendant/respondent: The Commissioners for Her Majesty's Revenue and Customs
Jurisdiction
England and Wales
Judgment Date
02 March 2012
Procedural Posture
Civil Appeal / Court of Appeal Judgment
Outcome
Appeal dismissed
Legal Topics
Qualifying Recognised Overseas Pension Schemes (qrops), Finance Act 2004, Pension Schemes (categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) Regulations 2006, Singapore Income Tax Act 1948
Tax Law Pensions Law Qualifying Recognised Overseas Pension Schemes (qrops) Finance Act 2004 Pension Schemes (categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) Regulations 2006 Singapore Income Tax Act 1948

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Parties

TMF Trustees Singapore Ltd (formerly Equity Trust (Singapore) Ltd)

Claimant/appellant

The Commissioners for Her Majesty's Revenue and Customs

Defendant/respondent

Procedural Posture

Civil Appeal / Court of Appeal Judgment

Legal Issues

  1. 1 Whether ROSIIP qualifies as a QROPS under the Finance Act 2004 and the 2006 Regulations
  2. 2 Whether ROSIIP satisfies Primary Condition 1 (open to local residents) and Condition B (absence of a local approval system)

Ratio Decidendi

ROSIIP does not qualify as a QROPS because Singapore has a system for approval of occupational pension schemes under section 5 SITA, so Condition B is not satisfied, and ROSIIP is not open to Singapore residents, so Primary Condition 1 is not satisfied.

Court Disposition

Appeal dismissed

Orders

  • Application to admit new evidence rejected except for the Singapore Tax Guide
  • ROSIPP does not qualify as a QROPS