QROPS HK HMRC Announces Crackdown on Tax Abuses by QROPS HK Schemes An article in the International Adviser today stated that legislative measures are to be put in place to stem tax avoidance through the use of QROPS. It is believed, though, that this only relates to Hong Kong schemes. Many advisers have been promoting
QROPS Popularity. How Many People are Transferring to QROPS QROPS popularity. If you have ever worked in the UK and are living overseas or intend to retire abroad, a QROPS pension transfer may hold the key to your investment freedom and ability to avoid UK taxes on your pension. BBC conducted a Brits Abroad Project
Andrew has an initial pot of £200,000 that he invests in low risk funds which grow at 5% per year for 20 years, giving a £530,000 pension pot. But, only £140,000 needs to be used as a pension, meaning that the member has £390,000 which he can take as a lump sum to purchase properties when he retires. Leaving £140,000 to pay him a pension income.
New QROPS Legislation. QROPS Rules. There are new QROPS rules coming into place for UK expats living abroad who want to avoid paying UK taxes through a QROPS structure. The new legislation has come into effect already. New QROPS Rules and Legislation 1) Lifetime allowance is changing from £1.8m to £1.5m, thus, an additional £300,000
This is a sad and depressing story of how the Inland Revenue (HMRC) have treated a woman in her 60’s, whose pension fund was untouched and who was diagnosed with a critical illness. She never elected to take her pension within the 2 years she had left to live, even though she was nowhere near
Avoiding Inheritance Tax If you are a British expat, avoiding inheritance tax is a top priority whilst considering estate protection for the family. This can be done easily through a QROPS transfer. The new Conservative/Liberal Democrat coalition has introduced some sweeping tax changes, but conspicuous by its absence was the Tories’ proposed increase in the
Investors in the Beazley Consulting Pension Scheme, a Hong Kong-based QROPS, face losing more than half their pension after HMRC declared the scheme was not a genuine QROPS.