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Discover why so many
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QROPS advice on overseas
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HMRC QROPS - HM Revenue Customs have released a detailed proposal for changes to the Qualifying Recognised Overseas Pension Scheme (QROPS) regime. The measure will affect QROPS and QROPS transfers actioned on or after 6th April 2012. All changes are subject to the consultation process. The objective of this measure is to ensure a fairer tax system and to ensure that the QROPS system continues to be used for its intended purpose. There have been reports that QROPS has been subject to misuse. Summary of the proposed revisions: 1. Secondary legislation will be introduced to revise the conditions that a scheme must meet to be a QROPS 2. Introduce an acknowledgement by the individual, to be completed before a transfer is made, and tax charges may apply 3. Introduce revised time limits for registered pension schemes to report transfers to QROPS 4. Provide additional powers for HMRC to request information from a scheme manager of a QROPS 5. Revise the time limits for the reporting of payments by a QROPS to HMRC Geraint Davies, Managing Director of Montfort International Ltd and QROPS.CO.UK (a leading QROPS adviser) said that, ‘Montfort International has already put together thoughts that will be submitted to HMRC as part of the consultation process’ HMRC’s detailed QROPS proposal can be viewed at: http://www.hmrc.gov.uk/tiin/tiin650.pdf (http://www.hmrc.gov.uk/tiin/tiin650.pdf) Montfort International Ltd / QROPS.CO.UK are considered leading QROPS advisors. If you are planning to move overseas, or are already a UK expatriate and would like advice on the options available, or how these proposed changes may affect you, please do not hesitate to contact our team on +44 (0)1483 202072. Wednesday, 07 December 2011 18:25
Breaking Domicile – the Gaines-Cooper case - HMRC have won a landmark case. For those who thought that staying in the UK for no more than 91 days per year was sufficient to break domicile – think again. The ruling comes at a time when the HMRC have been making many revisions to what would constitute UK domicile and will surely have an impact on any policy that is subsequently brought out in the coming months. The fact that Robert Gaines-Cooper thought that he was a non-UK domicile as he spent no more then 91 days in any year within the UK, goes to show that more is taken into account than a simple formula on how long you can stay in the country. The ruling has taken into account that he had sufficient ties in the UK which the High Court ruled to be correct and means that Gaines-Cooper is due to pay taxes stretching back to 1976. This presents problems for those who thought that they had broken UK domicile as this will allow the HMRC to pursue thousands of British tax exiles who may have thought that their liability to the UK was no more. The new rules appear to tighten the UK’s grip on those wanting to break domicile with relative ease and make it more clear cut what will constitute a non-dom compared to a domiciled case. For example the new proposed rules state you are not resident in the UK for a tax year if: you were not resident in the UK in all of the previous three tax years and you are present in the UK for fewer than 45 days in the current tax year; or you were resident in the UK in one or more of the previous three tax years and you are present in the UK for fewer than 10 days in the current tax year; or you leave the UK to carry out full-time work abroad, provided you are present in the UK for fewer than 90 days in the tax year and no more than 20 days are spent working in the UK in the tax year. The Gaines-Cooper case shows that even meeting these new proposed rules does not necessarily mean that you are safe from the HMRC. This is an area, for all those who have left the UK and are in any doubt of their domicile status, to urgently review. Friday, 11 November 2011 16:02

Offshore QROPS

Offshore QROPS provides specialist Qualifying Recognised Overseas Pension Schemes advice to anyone who has accrued UK pension benefits and is interested in transferring their fund to an overseas pension when retiring abroad. Discover why so many people rely on us to provide up to date independent QROPS/QNUPS advice on overseas pension schemes.

“Your advice on pensions (we were astonished as to the value of Phyl's pension) transfer of money etc has been invaluable. The way you explained both verbally and in your written reports made life so much easier."

Alan & Phyl Robinson

       

NEWS NEWS NEWS

In order to keep informed of all the latest information on the QROPS and QNUPS markets,  sign up for our newsletter. Our website will also be updated regularly so that we can educate the market in why QROPS and QNUPS cannot be overlooked as a viable option for all UK based advisers and their clients.

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QROPS.CO.UK remains at the forefront of the industry and we have put in place systems and processes to make this happen. Our continual development and our passion for success is underpinned by our length in the industry and our presence at numerous exhibitions and on expert panels.

 

 

What do we offer?

Retirement pension planning for individuals who spend time working overseas is a complex area. Planning for international pensions can be a very tax efficient way of saving for retirement and can provide greater flexibility over UK based pensions, both in terms of investment choice and payment of benefits. Our vast experience has made us one of the most sought after sources of advice on international pensions.

To find out if QROPS or QNUPS (Qualifying Non UK Pension Scheme) is a suitable solution for you, please contact us for a FREE initial assessment. Once we determine if a QROPS or QNUPS is right for your situation, we can produce a independent QROPS or QNUPS report tailored to your personal circumstances.

In addition, we offer International Tax Planning Services to individuals moving to and from the UK, making the entire process of organising your overseas pension as smooth as possible.

 

Professional Advisors

For Financial Advisors who may have little knowledge and expertise in the field, QROPS.CO.UK is more than willing to work alongside Financial Advisors and their clients in providing specific QROPS/QNUPS advice.

We pride ourselves on being the pioneers in overseas pension transfers and have built up an extensive knowledge of the market ever since.

We provide bespoke reports for both QROPS and QNUPS cases and we also aim to educate other UK based financial advisors in the process.

We want to make sure that a proper code of ethics is followed with regards to recommending appropriate routes to clients and are leaders in the field on giving independent pension advice.

As independent financial advisors we are authorised and regulated by the Financial Services Authority and our registration can be viewed online by following this link: FSA Register.