Number of approved Guernsey QROPS cut by 300

The move, which was predicted by the Guernsey's government earlier this week, was confirmed by HMRC in its latest list of approved QROPS. The updated list incorporates tax changes surrounding QROPS which came into effect on 6 April. The number of QROPS has been cut by 300. Guernsey Finance, the body which promotes the island's finance industry, said HMRC had informed it only schemes for ‘Guernsey residents' would remain valid. Guernsey's new s157E pension schemes were also disqualified from being recognised as QROPS. Aries Pension & Insurance Systems director Ian Neale said: "I...