HMRC consults on tougher QROPS rules

HMRC has proposed that QROPS have a stricter definition and narrower time limits in which to report transfers to the authorities. It also suggests there should be acknowledgements from investors that tax charges may apply before transfers can be made. Stephen Ward, managing director at Premier Pension Solutions, said the potential rules will have large implications for New Zealand QROPS. Ward said the rules would stop long-term non-UK residents being able to transfer their pensions to New Zealand and immediately withdraw 100% of it. The rules come after rumours HMRC feared "pens...