QROPS opportunities for tax exiles
More than 25,000 wealthy tax payers are planning to leave the UK to avoid the new 50% rate of income tax, according to estimates from the Centre for Economics and Business Research.
The government announced in this week’s Budget the introduction of a 50 per cent tax rate for individuals earning more than £150,000 and the removal of personal allowances for those earning £100,000. In addition, those earning more than £150,000 have been hit by changes to the higher rate tax relief they receive on their pension contributions.
The good news is that significant pension planning opportunities exist for those high earners who choose to leave the UK and head for low tax jurisdictions. Transferring personal and occupational pensions to a QROPS in a tax friendly environment could significantly reduce the tax burden on an individual’s pension income.
To find our more contact Offshore QROPS.
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