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Dedicated to the taxpayers of Britain, and the employees of Her Majesty's Revenue and Customs (HMRC), who have to endure the monumental shambles that is HMRC.
Friday, 8 August 2008
Ah the joys of taxation!
A man made system of elaborate rules and regulations designed to challenge the intellects of even the most seasoned of tax advisers and HMRC staff.
Such is the case with Qualifying Recognised Overseas Pension Schemes (Qrops).
International pension adviser Panthera is a tad pissed off with HMRC over its decision to remove Singapore pensions from the list of qualifying recognised overseas pension schemes in May. The company is appealing against the decision, arguing that HMRC failed to understand Singapore legislation fully.
Panthera's managing director, Bethell Codrington, believes that HMRC is not providing clear guidance on Qrops and believes the industry could benefit from a trade body.
He is quoted on MoneyMarketing:
"At the moment, HM Revenue and Customs' guidance all seems very ad hoc and if it really wants to sort out the problem, there should be a major body assigned to manage Qrops."
Aurora International Pension Plan also wonders about HMRC's contradictory approach on Qrops.
"It is often difficult to cross-examine what HMRC is saying about Qrops as it can vary week to week and can be contradictory.
I think that there should be a regulatory body made up of industry representatives who sit between the politicians and advisers and help to promote interchange between the Revenue and the industry."
Given that HMRC doesn't seem to understand its own rules, how on earth are the taxpayers mean to understand them?
Tax does have to be taxing.
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