Proposals for Guernsey and QROPS Over the Next Few Weeks

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QROPS have been around since April 2006 to help United Kingdom pension holders living overseas by permitting them to put all of their pensions into one scheme. This also gave pension holders definate tax benefits like low or nil income tax from their holdings and similar for inheritance tax. Regrettably this was often abused in a way that the HMRC was not intending. With this in mind the HMRC are proposing many changes to the schemes over the next few days and months. One of the largest influenced jurisdictions is Guernsey.

With Guernsey being such a large player in the market some options wanted to be reached and new offers have been released by the Guernsey Government for its forthcoming meeting in March.

With the draft changes to the prevailing legislation by the HMRC back on the 6th December 2011 the Guernsey Government naturally had a good deal of concerns which have been outlined for its March meeting.

Since the HMRC announcement a small focus group from the Guernsey Association of Pension Providers, frequently known as (GAPP), have been taking a look at answers to the offers with the Guernsey state. While working closely with the HMRC toput forward Guernsey’s position with them and to keep the GAPP members up to date along the way with the best QROPS Advice available.

The essential problem with Guernsey was its treatment of resident and non-residents with regards to tax on their pensions with non-residents not being taxed and residents being subject to ordinary tax that the HMRC felt was biased. If the status of the taxation was made the same for all parties then Guernsey would lose its QROPS standing!

For current holders of schemes with the Guernsey jurisdiction would doubtless not be influenced and would be considered sanctioned. The actual issue is generally to continue to issue QROPS to new members as well as existing.

The Guernsey authorities has released a new suggestion that fulfills the newly proposed HMRC rules.

There’ll be no tax subsidies on monies paid into a scheme.

Whether you’re a resident or not income and benefits won’t be taxed.

The pension income will be free from taxation from both revenue and growth viewpoint.

If these new offers are accepted in March then all bearers of a Guernsey scheme will be told of their options to stay on with the scheme or to opt out. It is likely that most will choose to continue

Some quick facts:-

Minimum commencement age of 55.

Seventy percent of holders assigned to pay earnings for life.

Starting payments not to exceed 30%.

All the above in accordance to HMRC rules which is comparable to current conditions.

Getting the best QROPS Pension is crucial with all these changes so here is another good reference for quality QROPS Advice…

Article kindly provided by UberArticles.com

Topics: Investments | Comments Off

Tags: investment, Investments, pension, qrops, qrops advice

Article Citation
MLA Style Citation:
Davis, Joe "Proposals for Guernsey and QROPS Over the Next Few Weeks." Proposals for Guernsey and QROPS Over the Next Few Weeks. 9 Feb. 2012. uberarticles.com. 17 May 2012 <http://uberarticles.com/finance/investments/proposals-for-guernsey-and-qrops-over-the-next-few-weeks/>.

APA Style Citation:
Davis, J (2012, February 9). Proposals for Guernsey and QROPS Over the Next Few Weeks. Retrieved May 17, 2012, from http://uberarticles.com/finance/investments/proposals-for-guernsey-and-qrops-over-the-next-few-weeks/

Chicago Style Citation:
Davis, Joe "Proposals for Guernsey and QROPS Over the Next Few Weeks" uberarticles.com. http://uberarticles.com/finance/investments/proposals-for-guernsey-and-qrops-over-the-next-few-weeks/

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