The UK government, in its budget announced changes to the rules governing Qualifying Recognised Offshore Pension Schemes (QROPS). One of the major developments is in regards to tax relief benefits, or the Benefits Exemption Test, which seek to unify tax relief of benefits for scheme members of QROP schemes who are non resident in the country where the scheme is established, and those who are. Whilst this change was expected we understand that jurisdictions such as Guernsey and Isle of Man are looking to address the differences.
The other significant development is the introduction of a 10 year reporting obligation for any benefits paid to members, whilst retaining the 5 year rule for payment of benefits to remain within the UK limits (tax free lump sums and GAD draw down for example).
Mark Paine
Meyado
www.meyado.com.sg
About Me
- Mark Paine
- I joined Meyado Private Wealth Management as an international financial adviser in 1993. I have lived and worked in the USA, Europe, the Middle East and currently reside in Singapore in South East Asia where I am Managing Director of Meyado Pte. I am a qualified Financial Representative in Singapore under the MAS Financial Advisers Act as well as holding UK FSA CFP and FPC examinations and a BSc in Business and Law from the University of Hertfordshire in the UK. You can contact me at markpaine@meyado.com
