What does HMRC's controversial new list of approved QROPS schemes mean for the overseas market?
Two weeks ago, HMRC took a decision that stunned anyone involved with Guernsey pensions. Following a review of the offshore market, HMRC struck off over 300 Guernsey schemes from their approved QROPS list, leaving only three in place. The former market leader, who took a third of all overseas pension transfers last year alone, can no longer look after UK expats' pensions. This was a hard blow for a jurisdiction that prided itself on good practice and enjoyed strong ties with the revenue. Even worse, Guernsey Association of Pension Providers (GAPP) had lobbied local government to meet con...
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