Posts Tagged ‘QROPS’
The Chancellor of the Exchequer, George Osborne, recently announced another raid on pensions. This time the target is tax relief on pension contributions. Incentives to keep retirement funds in the UK are being increasingly eroded. Experts predict that the already booming overseas pension transfer market is set to grow significantly as these proposals are implemented.
As a British expatriate you have probably heard of QROPS, particularly if you are retired or nearing retirement. QROPS stands for Qualifying Recognised Overseas Pension Schemes. They act as a vehicle into which, UK pensions (private or company) can be transferred. QROPS are available in many tax jurisdictions around the world. There is a list […]
QROPS (Qualifying Recognised Overseas Pension Schemes) are set to undergo the most radical reforms since they were introduced in 2006. The changes, which come into effect on April 6th, will mean some existing schemes will not qualify for benefits. Tax on pensions is usually only levied in the country where the pension holder resides. Under […]
Guernsey is being unfairly targeted by UK taxmen and the press, claims Peter Niven, Chief Executive of Guernsey Finance. The Channel Island is fighting to preserve its QROPS business and reputation in the face of a new law intended to cut down on pension abuses. In a statement, Niven accused Her Majesty’s Revenue & Customs […]
The Channel Island of Guernsey has long been a popular destination for Qualified Recognized Overseas Pension Schemes (QROPS). But it stands to lose that status when new UK tax rules go into effect in April. QROPS were originally created to help expats transfer their pensions overseas without crippling tax charges. But Her Majesty’s Revenue and […]
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