In TMF Trustees Singapore Ltd (aka Equity Trust Singapore Ltd) v HMRC (CA – 2 March) a Singapore company (T) was the trustee of a pension scheme (R). In November 2006 HMRC recognised R as a ‘qualifying recognised overseas pension scheme’ within FA 2004 s 150(8). In January 2008 HMRC withdrew that recognition on the basis that R’s application had given incorrect information and that R did not satisfy the statutory conditions. T subsequently took proceedings in the Ch D which dismissed the proceedings and gave judgment for HMRC. HHJ Hodge QC held that the Singapore Income Tax Act 1948 s 5 provided a system for the approval or recognition of Singapore pension schemes by the Singapore Inland Revenue Authority. It appeared that R failed to meet the requirements of that system so that it was not entitled to recognition as a ‘qualifying...
