The number of British citizens transferring their UK pensions into recognised overseas pension schemes (Rops) has dropped by more than a third since the pension freedoms were introduced in April 2015, according to HM Revenue & Customs (HMRC).
The UK is to require overseas pensions to be regulated in the country where they are established in order to be ‘recognised’ by HM Revenue & Customs (HMRC), as it pushes ahead with plans to scrap the 70% ‘income for life’ rule.
British MPs have criticised HM Revenue & Customs (HMRC) over its lack of scrutiny on whether tax reliefs are being used effectively, raising doubts about plans to digitise its services.
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.
HM Revenue & Customs has confirmed that it will allow policyholders to correct ‘unfair’ tax bills resulting from ‘mistaken’ withdrawals of life policies, opting to keep the current 5% tax free allowance on offshore bonds.
HM Revenue & Customs (HMRC) has told tax advisers that it will issue payment demands to investors in the Eclipse Film Partnership schemes at levels potentially 10 times higher than their original investment.
Almost a quarter of over-50s in the UK plan to cash in their pension even after withdrawing their 25% tax-free lump sum, accord to a survey by Retirement Advantage.
Dominic Chappell, the former owner of the collapsed UK department store BHS, has been arrested as part of an investigation by HM Revenue & Customs into the tax affairs of his company Swiss Rock.
Twenty-two wealthy individuals in the UK face civil and criminal investigations into suspected tax evasion following the disclosure of the Panama Papers, Britain’s chancellor Philip Hammond has told officials.
HM Revenue and Customs (HMRC) has confirmed that changes to the 5% tax free withdrawal from offshore bonds will not be announced until after the chancellor’s Autumn statement on 23 November.
The UK is expected to adopt an all or nothing approach on upcoming changes to the 5% tax free withdrawal from offshore bonds, Canada Life International’s technical manager Neil Jones has revealed.
HM Revenue & Customs is investigating 6,500 high net worth individuals (HNWs) with a total case value of £1.9bn (€2.1bn, $2.3bn), according to a report by the UK’s National Audit Office released on Tuesday.
