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Overseas pension schemes: ROSIIP group litigation order

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The High Court has ordered HMRC to publicise a group litigation order (GLO) made last month in respect of claims made by members of Recognised Overseas Self-Invested International Pensions (Singapore) (ROSIIP) that they had a legitimate expectation that transfers of UK pension savings to ROSIIP would not attract tax liabilities.

Some members of ROSIIP have sought judicial review of assessments they received in 2011/12, HMRC said in a note posted on its website last Friday that includes guidance for claimants who wish to bring claims. ‘HMRC is actively resisting these claims and any further claims brought may be out of time,’ it said.

The Daily Telegraph reported on 9 July that ‘the plug was pulled on the Singapore-based Panthera ROSIIP scheme’ in 2008 on the grounds that it broke the rules for recognition as a Qualifying Recognised Overseas Pension Scheme, ‘leaving more than 100 members out of pocket’.

‘Because the High Court has granted a [GLO] to combine the judicial review applications issued by pension holders, the claimants will be able to share resources and costs in fighting the retrospective charges,’ the Telegraph added.