The Isle of Man (IoM) is launching an international publicity campaign to encourage British expats to domicile their pensions in its jurisdiction.
The IoM Association of Pension Scheme Providers (APSP) and the island's financial promotional body, the Finance Partnership will target IFAs as part of the publicity drive. The island will push for more pension transfers now that uncertainty over Section 50C of the IOM Income Tax Act 1970 has been cleared up. Section 50C sets out the requirements with which IOM pension schemes must comply in order to be qualifying recognised overseas pension schemes (QROPS) in the eyes of Her Majesty's Revenue and Customs (HMRC). The IoM only had a 5% share of the total pension transfers out of the...
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