QROPS News Update. Guernsey to Fight Unfair QROPS Rules
Guernsey are to fight the unfair rules that HMRC have drafted for QROPS on April 6th, 2012. Guernsey, who have a clean record with regards to QROPS find themselves in an awkward position following HMRC imposing "Condition 4" which means that residents and non-residents in any jurisdiction should be taxed the same in order for a QROPS scheme to be approved. HMRC are basically holding Guernsey to ransom and imposing tax laws on the island that the local government don't want. Guernsey are trying to fight the legislation from going
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Wednesday, 28 March 2012
Monday, 26 March 2012
The UK Budget 2012 and its Effect on QROPS Pension Transfers and UK Expats Living Abroad
The UK Budget 2012 and its Effect on QROPS Pension Transfers and UK Expats Living Abroad
The new UK budget 2012 has numerous effects on people born in the UK, but now living abroad with respect to both taxes and QROPS pension transfers.
[caption id="attachment_41291" align="alignleft" width="276" caption="UK Budget 2012 and QROPS Pension Transfers for UK Expats "][/caption]
Middle income earners get slammed in the new UK budget 2012. 325,000 more workers will pay the higher rate of tax of 40% as the income tax threshold will be lowered. The UK budget 2012 says the higher-rate threshold
The new UK budget 2012 has numerous effects on people born in the UK, but now living abroad with respect to both taxes and QROPS pension transfers.
[caption id="attachment_41291" align="alignleft" width="276" caption="UK Budget 2012 and QROPS Pension Transfers for UK Expats "][/caption]
Middle income earners get slammed in the new UK budget 2012. 325,000 more workers will pay the higher rate of tax of 40% as the income tax threshold will be lowered. The UK budget 2012 says the higher-rate threshold
Monday, 30 January 2012
QROPS Guernsey Update. New QROPS Rules 2012
QROPS Guernsey. New QROPS Rules 2012
Update on Guernsey QROPS in relation to the HMRC proposed changes:
The Guernsey Association of Pension Providers (GAPP) welcomes the publication today of the proposals by the States of Guernsey to amend its income tax laws on pensions saving to meet the revised UK requirements for Qualifying Recognised Overseas Pension Schemes (QROPS) expected to come into effect on 6th April 2012. While GAPP has raised significant concerns about those changes to HMRC and has recommended that certain aspects be reconsidered, or deferred for further consideration,
Update on Guernsey QROPS in relation to the HMRC proposed changes:
The Guernsey Association of Pension Providers (GAPP) welcomes the publication today of the proposals by the States of Guernsey to amend its income tax laws on pensions saving to meet the revised UK requirements for Qualifying Recognised Overseas Pension Schemes (QROPS) expected to come into effect on 6th April 2012. While GAPP has raised significant concerns about those changes to HMRC and has recommended that certain aspects be reconsidered, or deferred for further consideration,
Thursday, 26 January 2012
QROPS Guernsey Update. New QROPS Rules 2012
QROPS Guernsey. New QROPS Rules 2012
We have received confirmation that Guernsey intend to introduce a new Guernsey pension regime in light of the new draft QROPS rules in 2012. This will allow for zero tax on pension income as no tax relief will be provided on local contributions. Although it will be open to local residents it is highly unlikely that many locals would actually join the new regime since they will still be able to obtain tax relief on contribution into the existing pension regime, so the new regime will be highly disadvantageous for them. If this new regime is acceptable to
We have received confirmation that Guernsey intend to introduce a new Guernsey pension regime in light of the new draft QROPS rules in 2012. This will allow for zero tax on pension income as no tax relief will be provided on local contributions. Although it will be open to local residents it is highly unlikely that many locals would actually join the new regime since they will still be able to obtain tax relief on contribution into the existing pension regime, so the new regime will be highly disadvantageous for them. If this new regime is acceptable to
Saturday, 7 January 2012
EURBS (European Union Retirement Benefits Scheme)
EURBS (European Union Retirement Benefits Scheme)
EURBS stands for the European Union Retirement Benefits Scheme. This is an overseas pension scheme into which certain EU pension rights can be transferred. The Schengen agreement of 1985 allows free movement of goods, persons, services and capital. As such, if you are from an EU member country and working in another country, you may be able to transfer your pension into an EURBS to mitigate tax. EURBS is a type of QROPS pension transfer for Europeans.
[caption id="attachment_41195" align="alignleft" width="300" caption="EURBS European
EURBS stands for the European Union Retirement Benefits Scheme. This is an overseas pension scheme into which certain EU pension rights can be transferred. The Schengen agreement of 1985 allows free movement of goods, persons, services and capital. As such, if you are from an EU member country and working in another country, you may be able to transfer your pension into an EURBS to mitigate tax. EURBS is a type of QROPS pension transfer for Europeans.
[caption id="attachment_41195" align="alignleft" width="300" caption="EURBS European
Monday, 12 December 2011
Changes to QROPS Rules 2012. Draft Financial Bill
Changes to QROPS Rules 2012. Draft Financial Bill
New QROPS rules for 2012. Detailed draft legislation has been published, The Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2012, aimed at strengthening the tax rules applicable to QROPS. The changes will be introduced from the 6th April 2012.
The main changes mean that the reporting requirements to the Inland Revenue are now for ten years rather than five years, ending of the
New QROPS rules for 2012. Detailed draft legislation has been published, The Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2012, aimed at strengthening the tax rules applicable to QROPS. The changes will be introduced from the 6th April 2012.
The main changes mean that the reporting requirements to the Inland Revenue are now for ten years rather than five years, ending of the
Thursday, 8 December 2011
Changes to QROPS Rules Under Consideration
New QROPS Rules
QROPS rules may be changed by the Inland Revenue mainly due to schemes which have been marketed as a 100% cash-in of your pension. Clearly this is not within the 'spirit' of the law. The Government is planning a crackdown on certain Qualifying Recognised Overseas Pension Schemes
QROPS rules may be changed by the Inland Revenue mainly due to schemes which have been marketed as a 100% cash-in of your pension. Clearly this is not within the 'spirit' of the law. The Government is planning a crackdown on certain Qualifying Recognised Overseas Pension Schemes
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