Claire Trott takes a look at the decline of QROPS transfers, assessing the pros and cons of the scheme...
Qualifying Recognised Overseas Pension Scheme (QROPS) transfers are something that HMRC have historically been very interested in, ensuring that they are not just being used to extract tax relieved funds from the UK, avoiding lifetime allowance charges. With the reduction and freezing of the lifetime allowance you might think this risk would increase, but this doesn't appear to be the case. HMRC recently published the most recent information available about transfers to QROPS. In 2019/20 the number of transfers fell to only 3,000 with a total value of £416m. This is the lowest number of ...
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