HMRC consults on tougher QROPS rules

clock

Her Majesty's Revenue and Customs (HMRC) has proposed a new set of rules to cut down on the abuse of qualifying recognised overseas pension schemes (QROPS).

HMRC has proposed that QROPS have a stricter definition and narrower time limits in which to report transfers to the authorities. It also suggests there should be acknowledgements from investors that tax charges may apply before transfers can be made. Stephen Ward, managing director at Premier Pension Solutions, said the potential rules will have large implications for New Zealand QROPS. Ward said the rules would stop long-term non-UK residents being able to transfer their pensions to New Zealand and immediately withdraw 100% of it. The rules come after rumours HMRC feared "pens...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on uncategorised

Brooks Macdonald becomes BAFTA wealth management partner

Brooks Macdonald becomes BAFTA wealth management partner

Partnership starts in 2026

Jen Frost
clock 08 December 2025 • 1 min read
As Reeves scrabbles for Budget funds, is she missing a Covid furlough trick?

As Reeves scrabbles for Budget funds, is she missing a Covid furlough trick?

Creativity key as chancellor faces tough tax and spending choices

Jen Frost
clock 21 November 2025 • 8 min read
Titan Wealth inks Harlequins partnership

Titan Wealth inks Harlequins partnership

Becomes wealth management and women’s partner

Jen Frost
clock 03 October 2025 • 2 min read