On 6 April, QROPS will get a huge revamp. Fiona Murphy explains how the reforms will shape the market and what advisers should be doing in the meantime.
Overseas pensions have been plagued by a poor image for some time now, so HMRC has decided to turn its gaze across the water. On April 6th 2012, dubbed Q-Day, legislation will come in to improve rules around reporting, taxation and to ensure people are using their QROPS as an income for retirement, not raiding funds early. The main changes of the draft legislation can be summarised as follows: • The reporting period to HMRC on events will be extended to 10 years of non-residency after the member transfers into QROPS (previously this was five years.) • Payments by QROPS to be reporte...
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