The QROPS market is continually undergoing change. Fiona Murphy looks at the recent developments.
The Qualifying Recognised Overseas Pension Scheme (QROPS) market seems to have been in a constant state of flux, particularly over the past year. On 6 April 2012, HMRC took a stand to combat tax abuses with legislation to tighten up the market, including increased reporting requirements. The market leader, Guernsey, had attempted to change its pension schemes ahead of this, but ended up with more than 300 schemes culled by HMRC from the approved list of overseas pension schemes. This meant it was effectively no longer a jurisdiction for overseas schemes. This had been a controversial dec...
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