The Inland Revenue has announced a formal consultation period on draft regulations made under the Finance Act 2004, most of which were previously published in early July.

These regulations contain the detail of how the simplified regime will operate. A summary is provided of what each set of regulations is intended to do, and any issues on which the Revenue would particularly like to have comments.

Responses are requested by 5 November 2004 (comments already sent in will be considered as part of the exercise).

The full list of 18 Draft SIs includes 3 new sets of regulations for overseas schemes, following the new schedules introduced at Report Stage of the Finance Bill (Schedules 33 and 34 Finance Act 2004):

• The Pension Schemes (Prescribed Information Requirements for Qualifying Schemes) Regulations 2004 [PDF];
• The Pension Schemes (Application of Charges to UK Tax to Non-UK Schemes) Regulations 2004 [PDF];
• The Pensions Schemes (Modification of the Finance Act 2004 in respect of Relevant Non-UK Schemes) Regulations 2004 [PDF].

Four of the original 15 draft SIs have been modified, perhaps partly in response to comments already received:

• revision of The Pensions Schemes (Categories of Country and Requirements for Recognised Overseas Schemes) Regulations 2004 [PDF];
• substantive changes to The Pension Schemes (Provision of Information) Regulations 2004 [PDF];
• minor changes to The Registered Pension Schemes and Employer-Financed Retirement Benefits Schemes (Information) (Prescribed Descriptions of Persons) Regulations 2004 [PDF]; and
• minor changes to The Registered Pension Schemes (Relief at Source) Regulations 2004 [PDF].

The remainder have been updated in accordance with the final form of the Finance Act.