HMRC has a history of making sweeping amendments to legislation based on trial and error. As such it should come as no surprise to learn that since the introduction of QROPS in 2006, there have been over 20 new regulations imposed on the scheme, five amendments, and an awful lot of exclusions and legislation placed … Read more
According to the Office for National Statistics, since the QROPS legislation was launched in 2006, over GBP 1.3 billion QROPS transfers have been made. Qualifying Recognised Overseas Pension Schemes (QROPS) are HMRC-compliant schemes based outside of a UK that can receive a UK pension. They allow a UK pension holder to consolidate all their UK … Read more
On November 22nd 2013, the total number of QROPS reached a new record high of 3,230. In addition, advisors are seeing more people enquiring about the QROPS legislation, either due to fewer incentives to keep pension pot in the UK, the dismantling of age-related benefits, or perhaps to protect their fund from further changes to … Read more
A tax amnesty has been offered to investors in Qualifying Recognised Overseas Pension Schemes (QROPS) set up before September 24, 2008. The HM Revenue & Customs has pledged not to chase any retirement savers for a 55% tax charge on any QROPS that were suspended before that date – unless evidence of ‘dishonesty or artificiality’ … Read more
Qualifying Recognised Overseas Pension Schemes (QROPS) have undergone a new round of rule changes – but this time they effect behind-the-scenes management rather than retirement savers. HM Revenue and Customs have released details of the upgraded administration of QROPS in a newsletter circulated to pension professionals. The newsletter explains the changes and links into HMRC … Read more
HM Revenue and Customs is refusing to comment on why 23 Hong Kong Qualifying Recognised Overseas Pension Schemes (QROPS) no longer appear on the official QROPS list. Instead, media inquiries are deflected to an online manual for tax inspectors that discusses the QROPS list. However, the manual is written by HMRC as guidance for tax … Read more
A list of registered pension providers to block pension liberation scams seems doomed to fail if the outcome is anything like the QROPS list published by the tax man. Pension providers are calling for HM Revenue and Customs to publish the list to help them decide whether a call for a pension transfer is from … Read more
Lawyers for HMRC have lodged the long-anticipated QROPS policy document with the High Court – but refuse to make the contents public. Apparently the papers were filed late on Friday, July 12, 2013, to avoid missing the deadline set by the judge at the Singapore ROSIIP QROPS hearing in June. HMRC has also made an … Read more
The new HM Revenue and Customs QROPS list show no great surprises on the eve of the tax man’s High Court policy statement. The number of QROPS has increased by 15 pensions in the past two weeks to hit a new record of 3,112 schemes in 46 financial jurisdictions. QROPS list changes The additions are: … Read more
The QROPS industry is counting down to the tax man’s policy statement on the offshore pension. HM Revenue and Customs was ordered to make the statement to the High Court within 21 days of facing defeat over demanding huge tax payments and penalties from QROPS investors who had put money into the ill-fated Singapore QROPS … Read more
HM Revenue and Customs has been left embarrassed over another QROPS bungle that saw 432 pensions suspended in error. Shocked QROPS providers across the world found that their schemes had been mysteriously knocked off the HMRC official QROPS list for no apparent reason. Worried investors and financial advisers harried providers and HMRC to find out … Read more
Hundreds of Qualifying Recognised Overseas Pension Schemes (QROPS) have been removed from the latest official list by HM Revenue and Customs, as reported here. The reason for the suspensions is a mystery to QROPS providers as HMRC has not notified them why their schemes are off the list nor made any public statement about the … Read more
More than 430 Qualifying Recognised Overseas Pension Schemes (QROPS) have disappeared from the latest HM Revenue and Customs list of recognised pensions. So far, no scheme providers or HMRC have indicated why the pensions are not on the list, but the suspicion is HMRC post- April 6 2012 new rules do not work and 432 … Read more
The countdown has started for HM Revenue and Customs to issue a clear and unambiguous statement explaining QROPS (Qualifying Recognised Overseas Pension Scheme) rules for investors. A High Court judge has given just 21 days to lay out in writing what HMRC has failed to manage in over seven years. QROPS were introduced on April … Read more
QROPS retirement savers battling to stop HM Revenue and Customs (HMRC) snaffling more than half of their pension pots have won permission to challenge the tax man in court. The investors all transferred UK pensions to the now defunct Singapore ROSIIP QROPS, which lost a lengthy and costly court fight against HMRC, which ruled the … Read more
An ongoing legal battle between HM Revenue and Customs (HMRC) and the beleaguered investors in Singapore QROPS will go another round after the High Court gave permission for a new legal challenge. Around 120 investors joined forces to bring a group litigation action against HMRC after the taxman handed them bills for 55% of their … Read more
Investors with money in defunct Singapore QROPS have won the right to mount a legal challenge against huge tax demands. Around 60 QROPS investors are fighting claims by HM Revenue & Customs to levy 55% tax charges against the money and assets transferred in to Singapore’s Panthera ROSIIP QROPS. The ROSSIP was delisted by HMRC … Read more
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