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

PA Awards 2027: Entries for all categories now open!

PA Awards 2027: Entries for all categories now open!

The 22nd Professional Adviser Awards will take place in London next March

Professional Adviser
clock 07 July 2026 • 1 min read
Two including former police officer charged in connection with £720,000 investment fraud

Two including former police officer charged in connection with £720,000 investment fraud

Due to appear at Westminster Magistrates’ Court

Sophia Panayi
clock 04 June 2026 • 1 min read
Last chance: MPS conference to explore different approaches in shifting landscape

Last chance: MPS conference to explore different approaches in shifting landscape

Takes place in London tomorrow

Professional Adviser
clock 01 June 2026 • 1 min read