HM Revenue & Customs’ list of recognised overseas pension schemes (Rops) may be back, but the delay in issuing it has to be carefully analysed, says Montfort International managing director Geraint Davies.
UK pension transfers to Canada have been effectively blocked after the three remaining Canadian recognised overseas pension schemes (Rops) were removed from HM Revenue & Customs’ (HMRC) list on Wednesday.
The UK’s plan to abolish the 70% ‘income for life’ rule on recognised overseas pension schemes (Rops) will “decimate” the market for such products, according to the head of expat-focused IFA firm, Montfort International.
Strabens Hall, the international IFA firm with offices in London and Hong Kong, has advised clients against using recognised overseas pension schemes (Rops), warning that the high charges incurred with using the product can often outweigh the tax advantages they offer.
Australia today has unveiled a new tax "amnesty" programme aimed at encouraging tax evaders with undeclared offshore assets to come in from the cold, with just a “heavily reduced penalty” to pay.
As 2012 comes to a close, Montfort International managing director Geraint Davies voices his concern that there could be trouble ahead for the overseas pension scheme sector…
A double tax treaty between the UK and Hong Kong spurred today’s QROPS anti tax-avoidance law
Kiwi IFAs are likely to present evidence on QROPS ‘abuses’ to their government in the first quarter
Australia has abolished its Foreign Investment Fund regime, making QROPs advice trickier for IFAs
