HMRC defeat heralds tighter rules for overseas pension transfers

The legal battle, which saw HMRC withdraw and cancel any tax demands, was based on the fact that investors who transferred their UK pensions to a Singapore-based QROPS called ROSIIP in between 2006 and 2008 was based on the fact that, at the time of the transfers, the QROPS was still on the HMRC authorised list. The subsequent ‘delisting’ of the scheme which made transfers unauthorised and subject to a 55% tax levy was therefore unfair. The HMRC climbdown has been hailed today as a “victory for common sense” by Nigel Green, the founder and chief executive of the deVere Group.    Co...