Full QROPS Encashment
Published / Last Updated on 26/04/2010
by Ashley Clark, Director
Concerns had been raised by HMRC about the conduct of international pension transfer schemes in New Zealand.
QROPS is a Qualifying Recognised Overseas Pension Scheme where UK expatriates can transfer UK pensions to special overseas schemes. Once overseas, certain jurisdictions are ‘bending’ the UK rules for pensions and letting expatriates take out more of the pension in cash than they should be.
Potentially HMRC could try to recover the tax charge from the client, although this will depend on what jurisdiction they are in and whether there are any double tax treaties in place.
Learn about QROPS.
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