The latest official listing shows more QROPS offshore pensions for British expats are missing.
The USA has also lost QROPS status again.
The States has had a chequered history as a QROPS centre due to the IRS not accepting the trust-based schemes deserve special tax treatment.
The Isabelle Je Dunne Contributory IRA was listed as a QROPS until March 1, delisted until April 18 and now delisted again.
HM Revenue and Customs declines to comment on the delisting of specific schemes.
Removal from the list can be for several reasons, including tax avoidance, failing compliance tests, the scheme paying out or the last member leaving.
Delisted schemes
The official HMRC QROPS List reveals 13 more pensions delisted – including the Isabelle Je Dunne Contributory IRA.
Elsewhere, three QROPS were added to the list in Australia and two in Ireland to bring the net loss to eight.
Four were delisted in Gibraltar, five in Guernsey, two in the Isle of Man and one each in Jersey and the USA.
The total number of listed QROPS is 926, compared with 1,342 on April 6.
On April 18, 410 QROPS were delisted when HMRC changed the qualifying tests for becoming a QROPS.
Another cull due?
Another round of delisting is expected next month when HMRC plans to suspend the list again to check QROPS for qualifying compliance.
Since the start of the year, 11 countries have lost QROPS status, including the popular retirement destinations of Spain, Portugal and Canada.
Since April 2006, about 110,000 retirement savers have switched more than £8.8 billion from UK pensions to QROPS, according to HMRC figures.
The next HM Revenue and Customs QROPS List is scheduled for June 1, 2017.
Click here for more information about recent QROPS changes
For more information about QROPS and the benefits it provides, download the iExpats QROPS Guide or complete the Get Advice form.
QROPS List By Financial Jurisdiction
Country | Count of QROPS |
---|---|
Australia | 358 |
Austria | 6 |
Barbados | 1 |
Belgium | 1 |
Bulgaria | 3 |
Denmark | 1 |
European Union | 1 |
Finland | 1 |
Germany | 9 |
Gibraltar | 40 |
Guernsey | 47 |
Hong Kong | 21 |
Hungary | 1 |
India | 13 |
Ireland | 51 |
Isle of Man | 234 |
Jersey | 46 |
Kenya | 1 |
Latvia | 3 |
Liechtenstein | 1 |
Luxembourg | 2 |
Malta | 34 |
Mauritius | 2 |
Netherlands | 13 |
New Zealand | 30 |
Norway | 1 |
South Africa | 3 |
Spain | 1 |
Switzerland | 1 |
Total: | 926 |
Source: HMRC
The table shows the net number of schemes, accounting for new listings and removals since the publication of the last list.