A secure future

Recent moves by HMRC to close loopholes in the legislation affecting QROPS has led to concerns that the product is no longer a safe way to take retirement income. In April, HMRC introduced a clause in the Finance Bill to close a tax loophole created by a new double taxation treaty with Hong Kong, which allowed UK residents to pay lower tax on pension income than would apply in the UK. The loophole had arisen because certain double taxation agreements between the UK and offshore jurisdictions allowed UK residents, with a QROPS registered in such jurisdictions, to draw pension income at...