London & Colonial poised to launch Gibraltar QROPS

The UK Treasury has been locked in a 10-month battle with authorities in Gibraltar over the tax status of QROPS, and the British Overseas Territory's 0% income tax charge on pension income for the over 60s. HMRC says pension income from a QROPS must be taxed and a 0% rate was inconsistent with a ‘progressive' tax system. Adam Wrench, product development manager at London & Colonial, says: "Sources close to the situation are telling us a deal has been done. The two parties have agreed the principles. All that remains is for the words to be written." While no official announcement ha...