A significant proportion of Guernsey pension schemes are set to lose their approved qualifying registered overseas pension scheme status when rules are tightened on Thursday.
Guernsey Finance, the body which promotes the island's finance industry, said HM Revenue & Customs will change its approved QROPS list later this week so only schemes for ‘Guernsey residents' will be valid. HMRC has also said it will also disqualify Guernsey's new s157E pension schemes from being recognised as QROPS. However, the disqualification is not retrospective so any transfers already made will not be affected. Guernsey Finance deputy chief executive Fiona Le Poidevin said the body was "extremely disappointed". She said: "Guernsey has always aimed to comply with HMRC's regul...
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