More than 120 investors who transferred their UK pensions into the Singapore based ROSIIP QROPS are taking legal action against HM Revenue & Customs after the Revenue threatened them with a 55% tax charge following its removal from the list of registered schemes in 2008.
HM Revenue & Customs has told Guernsey officials that it is willing to reconsider allowing some “domestic” Guernsey QROP schemes that were delisted in April to regain their status, following negotiations with Guernseys Income Tax Office.
Four of HM Revenue & Customs top five civil servants are set to leave the organisation this summer, according to the Financial Times
HM Revenue & Customs has at last broken its silence on its unexpected decision last month to remove all but three Guernsey QROPS from its list of registered schemes, which was published on 12 April and which has seen Guernseys previously booming QROPS industry brought to a jolting halt.
UK Chancellor George Osborne has increased the pressure on HM Revenue & Customs to catch companies and wealthy individuals evading tax.
Jerseys plans to make it possible to transfer the UK pensions of non-Jersey residents to the island have been placed on hold, pending discussions with HM Revenue & Customs.
HMRC has informed Guernsey officials that going forward, Guernsey pension providers will only be permitted to accept transfers of the UK pensions of Guernsey residents, a Guernsey government statement has revealed.
HM Revenue & Customs yesterday published a 21-page QROPS guidance paper that bore an uncanny resemblance to a 19-page document that, briefly, appeared on the Revenues website earlier this month.
As expected, Guernseys State Legislative Committee yesterday approved a proposed new pension regime aimed at enabling the island to continue to look after UK pensions transferred there by those leaving the UK for good.
The new QROPS legislation was finally published by HM Revenue & Customs yesterday, after months of speculation since an initial draft was released in December last year.
The final legislation for Qualifying Recognised Overseas Pension Schemes has been published by HM Revenue & Customs on Budget day in the UK.
Barclays has been blocked by the UK government from using two highly abusive tax avoidance schemes, which it is claimed would have cost the UK Treasury around £500m in lost revenue.
