TMF Trustees Singapore Ltd v HM Revenue and Customs

TMF Trustees Singapore Ltd v HM Revenue and Customs

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

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 / Appeal From High Court Judgment
Outcome
Appeal dismissed
Legal Topics
Qualifying Recognised Overseas Pension Schemes (qrops), Interpretation of 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 Section 5
Tax Law Pensions Law Qualifying Recognised Overseas Pension Schemes (qrops) Interpretation of 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 Section 5

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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 / Appeal From High Court Judgment

Legal Issues

  1. 1 Whether ROSIIP qualifies as a QROPS under the Finance Act 2004 and 2006 Regulations
  2. 2 Whether Singapore has a system for approval/recognition/registration of pension schemes relevant to Condition B
  3. 3 Whether ROSIIP was open to Singapore residents (Primary Condition 1)

Ratio Decidendi

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

Court Disposition

Appeal dismissed

Orders

  • Application to admit new evidence (except the Singapore Tax Guide) refused
  • High Court order upheld