Latest HMRC QROPS List
Within the last few days the HMRC QROPS list has been updated with the current Qualifying Recognised Overseas Pension Schemes available. Please find a weblink to the latest HMRC QROPS list http://www.hmrc.gov.uk/PENSIONSCHEMES/qrops.pdf.
Although this list is a valuable resource, it is not extensive as it is not compulsory for QROPS providers and products to appear on this list. There are many other QROPS available in many different juristictions.
A common mistake made by financial advisers recommending QROPS products seems to be that they are concentrating far too much on finding a QROPS product rather than the tax/visa status and juristiction of the individual and the local tax rules of where the QROPS should be based. This mistake can be very costly over time for the individual, e.g, a common solution advisers are using is to transfer a migrants UK pension funds to a QROPS in say Guernsey or the Isle of Man. Although on the surface of things these look very attractive propositions by very well respected and competent providers, they are very often tax detrimental to many individuals, such as those migrating to Australia holding a permanent visa. In this example, Australia would tax the annual growth under their foreign investment fund taxation.
Each QROPS adviser at Offshore QROPS focuses on the tax advice and individual needs for a client prior to recommending an appropriate QROPS in the appropriate juristiction for that client. QROPS advice is most definately not a one size fits all approach. Our QROPS advisers are able to provide fully independent QROPS advice on each of the QROPS schemes on the HMRC QROPS list and those which do not appear on the list.
For more information please contact a Offshore QROPS QROPS adviser on 01483 202072.
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