In section 150(8) of FA 2004 (meaning of "recognised overseas pension scheme"), for the words from "which" to the end substitute " which satisfies any requirements prescribed for the purposes of this subsection by regulations made by the Commissioners for Her Majesty's Revenue and Customs. "
Section 169 of that Act (pension schemes: recognised transfers) is amended as follows.
In subsection (2)(c), for "any prescribed information requirements imposed on the scheme manager" substitute ." any requirements imposed under subsection (4) "
For subsection (4) substitute—
In subsection (5)—
for "the Inland Revenue has" substitute ," the Commissioners have "
for paragraph (a) (but not the "and" at the end of it) substitute—aany of the following conditions is met in relation to the scheme—ithere has been a failure to comply with a relevant requirement and the failure is significant,iiany information given pursuant to a relevant requirement is incorrect in a material respect,iiiany declaration given pursuant to a relevant requirement is false in a material respect,ivthere is no scheme manager,, and
in paragraph (b), for "the failure" substitute ." that condition being met "
For subsection (6) substitute—
After subsection (7) insert—
In section 280(1) of that Act (abbreviations), insert at the appropriate place—