New QROPS regime "may prompt EURBS mis-selling"

The uncertainty over the future of QROPS may push retiring expats towards European Union Retirement Benefit Schemes (EURBS) which may not meet their needs, Paul Gregson, business development manager at AML Evolution said. From 6 April, HMRC has proposed a new rule which requires any QROPS to give the same tax treatment to its members whether they are resident or non-resident of the scheme's jurisdiction. This would prevent a situation such as that in Guernsey, where residents who are members of QROPS pay 20% tax on their pension but non-residents pay no tax. HMRC's rule change will...