QROPS BULLETIN: PROPOSED QROPS CHANGES FROM HMRC
Contributed by SIPP Specialists Limited
14 February, 2012
SIPP Specialists Limited. [www.sippspecialists.co.im/]
There has only been one topic for all the articles about QROPS in the last month HMRC proposals in the UK Finance Bill. Once you have stripped out all the repetition, the fanciful claims and the buy now while stocks last brigade, we are left with a concentrated digest, which you will find below, which seem to us to represent a balanced view.
The main aim of all of this is to clamp down on QROPS abuse, and nobody except the abusers could complain about this. Our stance has always been to observe the spirit and the letter of the legislation. For example, how has 100% tax free cash withdrawal ever been in the spirit of QROPS rules? However there seem to be aspects of these proposals which could actually damage the members themselves which should be no part of any clampdown on abusers. We will see how things pan out.
We are aware of major discussions/consultations/lobbying taking place even as we speak, but it seems unless there are changes to the proposals or to the way jurisdictions levy taxes, certain jurisdictions will gain and others will lose. We also do not believe that this will be the end of the matter. Watch this space.
As a multi-jurisdictional QROPS/QNUPS Provider, we dont really have an axe to grind as to which jurisdiction is selected for/by a client we just offer a choice. We should also say that we dont necessarily agree with, or endorse any of the articles below. We just think people might be interested in reading them.
- Link to HMRC website and source documentation
- Article about changes and impact on NZ QROPS
- Point by point review of proposed changes and possible implications
- Paranoid article about impact on Guernsey
- Detailed article on changes with pertinent questions
- Cautionary article about jurisdictions introducing the verb 'to QROPS'
- Article about QROPS and long term viability of final salary schemes
SIPP Specialists Limited, St Georges Chambers, 1 Athol Street, Douglas, Isle of Man, IM1 1LD
Tel: 0044 (0)1624 678458
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