Gibraltar’s minister for financial services, Gilbert Licudi, said the onus will be on QROPS providers to ensure their schemes are compliant with HMRC rules, after its government passed legislation earlier this year to allow the schemes to go ahead.
The QROPS market generated fees and commissions in excess of £72m between January 2011 and 2012 for international IFAs, according to NewDawn Consultancy & Research.
Gibraltar has issued a statement saying that its pension fund administrators have been given the green light in writing by HM Revenue & Customs to resume handling qualifying recognised overseas pension schemes.
A warning has been issued by the UK’s Financial Services Authority over a firm which it said claims to offer specialist advice on QROPS, despite being unregulated to do so.
HM Revenue & Customs last week removed all Cyprus based QROPS from its list of registered schemes – raising questions about why it did so and what HMRCs intention is towards the QROPS market.
An overseas pension provider is warning advisers to be wary of potential abuses of the QNUPS regime, as the pension schemes become more prevalent in the international and UK-domestic market.
International advisory firm the deVere Group is warning advisers and consumers that to ignore HM Revenue & Customs warnings over pensions busting schemes is to do so at your peril.
HM Revenue & Customs has said it is actively resisting a case being brought against it by a group of investors who made investments into a Singapore-based pension scheme and who the tax authority is now chasing for a 55% tax charge.
Two years after Jersey took the decision to prepare legislation aimed at enabling island pension administrators to look after the transferred UK pensions of individuals who have moved to a third country, it has shelved the draft law it had been working on.
The Maltese Inland Revenue has published new guidelines for QROPS, clarifying the jurisdictions position in terms of its tax compliance.
A growing awareness of the need for individual responsibility and importance of long term savings is revealed in a new study on retirement attitudes in East Asia.
Guernsey Treasury minister Gavin St Pier has unveiled a package of changes to the way certain types of pension schemes in the island are taxed, in an effort to restore Guernseys lately-embattled pensions administration industry.
