The aggrieved clients of the Panthera ROSIIP QROPS have been granted a Group Litigation Order by the UKs High Court, allowing them to bring a case against HM Revenue & Customs in relation to the government departments decision to charge the clients a 55% tax charge on assets transferred to the scheme.
The Gibraltar Parliament is today due to take its first look at a Bill which would introduce Qualifying Recognised Overseas Pensions Schemes to the jurisdiction.
Isle of Man-based QROPS provider Boal & Co. has re-launched its Select scheme, following the recent shake-up of the overseas pension rules by HM Revenue & Customs.
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.
An organisation representing pension fund administrators in Gibraltar has released a statement praising the British overseas territorys proposed new tax regime for pensions.
The Guernsey income tax office is believed to be close to securing QROPS status from HM Revenue & Customs for domestic pension schemes.
Pension industry experts today expressed surprise over the wording of newly-issued clarification by HM Revenue & Customs, of its decision to leave hundreds of QROP schemes off of its revised QROPS list last month.
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.
Provided by Skandia International, this article explains the impact on clients holding overseas pensions that previously met the Qualifying Recognised Overseas Pension Schemes requirements, but have subsequently been removed by UK HM Revenue and Customs from the list of Qualifying Recognised Overseas Pension Schemes.
BW Oakfield Group, an Isle of Man pensions and QROPS provider, has acquired an IoM rival, Momentum Pensions, and a controlling interest in Momentums Maltese operation.
Platform One, a relatively new UK-based investment platform aimed at advisers with high net worth clients, has agreed a deal with TMF Group whereby its clients may access TMFs Melita QROP scheme, administered out of Malta.
Guernsey Finance has reacted angrily to the decision by HM Revenue & Customs to de-list nearly all of the islands QROPS last week, calling it an unjust attack on the jurisdiction.
