Members of a failed QROPS may be able to avoid the 55% charge on unauthorized payments.
It emerged today the Beazley Consulting Pension Scheme, sold to British expats in Hong Kong as a Qualifying Recognised Overseas Pension Scheme (QROPS), does not meet HMRC criteria and should never have been classed as such. For people who invested in the scheme, this could mean a 40% unauthorized payment charge on their savings, plus a 15% surcharge. However, HRMC has agreed to waive the 15% charge if investors can demonstrate their belief the scheme was a genuine QROPS, and it will even consider appeals against the 40% unauthorized payment charge. A spokesperson for law firm DLA P...
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