QROPS 2017 – What to expect for the tax man

HM Revenue and Customs (HMRC) has already signalled that overseas pension rules will change in April 2017. Besides some tax tweaking to bring pensions like Qualifying Recognised Overseas Pension Scheme (QROPS) into line with onshore pensions, the big shake up is likely to be with offshore pension providers. The grand design is to turn the … [Read more...]

What’s The Point Of The ROPS List?

HM Revenue & Customs (HMRC) has published 123 lists of overseas pensions that meet the standards as Qualifying Recognised Overseas Pension Scheme (QROPS) since April 2006 – but the list seems pointless as no one checks if the pensions meet QROPS rules. The idea is that managers of qualifying pensions self-certify their schemes meet QROPS … [Read more...]

Transferring A NHS Pension To A QROPS

If you have a UK National Health Service pension and want to transfer your fund overseas, time is of the essence. NHS pension rules allow a pension switch overseas – but only to a Qualifying Recognised Overseas Pension Scheme (QROPS). The government banned transferring public sector pensions to a QROPS in April 2015, but failed to draft the … [Read more...]

Pension Freedoms Spark Tax Windfall For Treasury

Flexible access pension freedoms have triggered a tax windfall for The Treasury as retirement savers start to count the cost of drawing down their money. With billions of pounds locked away in pension funds, new rules introduced in April 2015 allow anyone over 55 years old to take some or all of their savings – providing they pay tax on the cash … [Read more...]

Unfair Taxes Throttle Britain’s Startup Entrepreneurs

Heavy capital gains tax burdens are discouraging entrepreneurs to develop companies to their true potential, claim business experts. Accountancy firm UHY Hacker Young argues entrepreneurs who sell their business for more than £30 million have to hand 22% of the proceeds to the government in tax. But those selling a business for £6 million or … [Read more...]

What’s the Best Place To Open A QROPS?

This is a question asked by just about everyone thinking about switching their pension to a Qualifying Recognised Overseas Pension Scheme (QROPS). Unfortunately, the answer is not as simple as the question. For most retirement savers, the response is: “It depends.” With 3,506 QROPS pensions on the market in 42 financial jurisdictions, the … [Read more...]

HMRC announces more QROPS rule Changes

A new batch of Qualifying Recognised Overseas Pension Scheme (QROPS) rules have been quietly issued by HM Revenue and Customs. QROPS providers were dreading the new rules, but they amount to no more than a number of behind-the-scenes technical and administrative changes that have no impact on retirement savers. The big fear was the … [Read more...]

The Unstoppable Spread Of QROPS Pensions Worldwide

This chart shows the unstoppable spread of Qualifying Recognised Overseas Pension Schemes (QROPS) across the world since their introduction on April 6, 2006. The number of QROPS has risen continually since Day 1 with just one fall off the cliff in April 2012 when HM Revenue and Customs axed almost 400 pensions worldwide - with more than 300 … [Read more...]


A Annual allowance The maximum pension savings someone can have each year that benefits from tax relief. From April 6, 2012 onwards, the annual allowance is £50,000, unless the figure is changed in the Chancellor’s Budget . Annual allowance charge The annual allowance tax charge is paid on any pension savings over and above the annual … [Read more...]

HMRC wins £77m to beef up tax task force

Chancellor George Osborne is cracking down on wealthy individuals and companies to raise £2 billion in extra taxes lost to offshore financial schemes. An extra £77 million will go to HM revenue & Customs (HMRC) to beef up the tax man’s fight against offshore avoidance. The focus is on corporations and the wealthy sheltering their money in … [Read more...]