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:
- Australia – eight QROPS to hit 1,200 pensions (38.5% of the total number of QROPS)
- Ireland – eight QROPS to 75 pensions (23.1% of the total)
- Jersey – two QROPS to total 136 pensions (4.37% of the total)
- Gibraltar – one QROPS to total 19 pensions (0.61% of the total)
Financial jurisdictions that have lost schemes are:
- The Netherlands – down two to 101 QROPS (3.25% of the total)
- Canada – down one to 97 QROPS (3.12% of the total)
- Hong Kong – down one to 25 QROPS (0.8% of the total)
New QROPS rules?
Many in the industry anticipate that new QROPS rules may be announced to tie in with the High Court policy statement.
A judge demanded HMRC lawyers must make the statement to clarify the status of pensions included on the QROPS list – and how retirement savers are taxed if a QROPS pension is later excluded from the list for failing to keep to the rules.
The policy statement follows a dramatic HMRC climb down over taxing Singapore ROSIIP QROPS investors who challenged their tax assessments after the pension was excluded from the QROPS list.
The list is published fortnightly and details QROPS that British pension scheme administrators are allowed to send tax-relieved pension contributions.
The next list is due on August 1, 2013.
The full list country-by-country is:
| Country | Scheme Count |
|---|---|
| Australia | 1200 |
| Austria | 9 |
| Bangladesh | 1 |
| Barbados | 4 |
| Belgium | 22 |
| Bulgaria | 3 |
| Canada | 97 |
| Czech Republic | 4 |
| Denmark | 8 |
| European Union | 1 |
| Finland | 4 |
| France | 39 |
| Germany | 54 |
| Gibraltar | 19 |
| Greece | 1 |
| Guernsey | 47 |
| Hong Kong | 25 |
| Hungary | 1 |
| Iceland | 3 |
| India | 18 |
| Ireland | 721 |
| Isle of Man | 221 |
| Italy | 45 |
| Jamaica | 2 |
| Jersey | 136 |
| Latvia | 1 |
| Liechtenstein | 2 |
| Luxembourg | 8 |
| Malaysia | 1 |
| Malta | 16 |
| Mauritius | 2 |
| New Zealand | 48 |
| Norway | 7 |
| Portugal | 23 |
| Russian Federation | 1 |
| South Africa | 31 |
| Spain | 16 |
| Sri Lanka | 1 |
| St Lucia | 3 |
| St Vincent & The Grenadines | 1 |
| Sweden | 7 |
| Switzerland | 138 |
| The Netherlands | 101 |
| Trinidad & Tobago | 3 |
| Turkey | 3 |
| USA | 14 |
| Grand Total | 3112 |
Getting Advice
A financial adviser with QROPS experience will determine whether a QROPS is the best choice for your financial goals, and then guide you through the process.
