QROPS

The Finance Act 2013 is due to enact new legislation which extends the requirements to be a QROPS and imposes reporting requirements on QROPS which are no longer QROPS.
This article aims to explain UK Self Invested Personal Pension Schemes and Qualifying Recognised Overseas Pension Schemes and highlight the difference and similarities between these schemes should an individual holding one return to the UK unexpectedly.

More QROPS articles

  • QROPS - the reasons why
    This article explains the customer benefits of investing into a Qualifying Recognised Overseas Pension Scheme (QROPS).
  • Qualifying Recognised Overseas Pension Schemes rules and reporting
    This article aims to provide generic information on how an overseas pension scheme can qualify as a Qualifying Recognised Overseas Pension Scheme, what undertakings such schemes must make to UK HM Revenue & Customs and the requirements on UK registered pension scheme transferring pension funds to Qualifying Recognised Overseas Pension Scheme.
  • QROPS - Your questions answered
    This article aims to provide generic information for financial advisers about the features of Qualifying Recognised Overseas Pension Schemes, transferring into Qualifying Recognised Overseas Pension Scheme and tax reporting to UK HM Revenue & Customs.
  • Transfer Value Analysis System reports
    This article explains what transfer value analysis system reports are, their purpose and when you may need to obtain one in connection with a Qualifying Recognised Overseas Pension Scheme.
  • Transfers into Qualifying Recognised Overseas Pension Schemes - things to consider
    This article aims to provide areas for financial advisers to consider when advising clients on transferring a UK pension into a Qualifying Recognised Overseas Pension Scheme.
  • Retirement calculator
    A calculator to help with retirement planning
  • Qualifying Recognised Overseas Pension Schemes and Chargeable Events
    This article explains our UK tax reporting obligations as an offshore insurance company in respect of Qualifying Recognised Overseas Pension Schemes investing into our offshore bonds. It also explains our understanding of the taxation of the offshore investment bond held by a Qualifying Recognised Overseas Pension Scheme where the member has subsequently become UK resident.
  • Consolidating your client's UK pension funds whilst they continue to save for their retirement
    This article is intended for use with non-UK resident clients with UK pensions, who intend to remain permanently and retire outside the UK.
  • What happens when an overseas pension no longer meets the QROPS requirements?
    This article explains the impact on clients holding overseas pensions that previously met the Qualifying Recognised Overseas Pension Schemes requirements, but subsequently no longer meet the requirements to be a Qualifying Recognised Overseas Pension Scheme.
  • Malta the QROPS Jurisdiction
    Malta is being hailed as the new jurisdiction of choice for all QROPS transfers. However, what is clear from the UK HMRC’s approach is that some tax liability must be suffered by the member in order for a jurisdiction to stay on their right side. While Malta can be used as an alternative jurisdiction, because of the tax liability, one size does not fit all.
  • Isle of Man The QROPS Jurisdiction
    Following the recent developments on QROPS, what is clear from the UK HMRC’s approach is that some tax liability must be suffered by the member in order for a jurisdiction to stay on their right side. While the Isle of Man can be used as an alternative jurisdiction, because of the tax liability, one size does not fit all.
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