HM Revenue & Customs has hit back at members of a Singapore-based qualifying recognised overseas pension scheme (Qrops) who are legally challenging the taxman over its decision to apply a 55% tax to their pensions.
Members of the Panthera Recognised Overseas Self Invested International Pension (Rosiip) sought a judicial review of HMRC’s decision to apply charges to pension funds transferred from the UK to the Singapore-based Qrops.
HMRC won a high court case against Panthera in 2011 in which it was claimed Rosiip was not open to Singapore residents and there was in fact a Singapore-based pensions regulator with which it should have registered.
Members of the Panthera scheme can transfer out to another QROPS. Please contact