Green light for Isle of Man 50C QROPS

A review of the Isle of Man’s pension legislation by HMRC began in December 2010. No 50C QROPS have been registered in the Isle of Man since the review began.  Boal & Co’s “Trinity” pension scheme has been the only registered QROPS of its type as it was tax-approved under the Isle of Man’s “section 50C” legislation on the same day that the new Manx legislation took effect in October 2010, which was prior to the HMRC review. Pre-existing IoM QROPS set up before 50C legislation came into play are not affected by the review. Although HMRC has not yet officially announced the review findings...