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Possibility for more pension plans in Guernsey
| Published: | 2 Jun at 6 PM |
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More Guernsey-based QROPS pension programmes may be approved in the UK by HM Revenue and Customs, say tax officials. The amount of island programmes approved by HMRC fell down from 300 to 3 last April because of tax avoidance measures.
Director of Income Tax Rob Gray said that a number of programmes were disqualified because they were not restricted to islanders.
QROPS were launched to let British expats transfer their retirement funds abroad. However, the rules saw reform in order to tackle tax evasion.
Mr Gray announced that some programmes had been disqualified since they allowed expatriates to join, while there was no formal rule about it.
De-listing for schemes based in Guernsey means that expats may see difficulties in getting pension transfers from Britian—for instance, when a new worker moves from the UK to the island.
Mr Gray said HMRC was willing to reconsider these schemes following negotiations with the Income Tax Office. The government had been working hard to uphold the QROPS status of domestic Guernsey programmes, said Mr Gray.
Mr Gray said he was delighted to see the HMRC recognise the arguments that he and him team had made. Talks with HMRC regarding Guernsey schemes are ongoing, he said. The pension schemes affect members who live in other Crown Dependencies as well as other parts of QROPS.
Director of Income Tax Rob Gray said that a number of programmes were disqualified because they were not restricted to islanders.
QROPS were launched to let British expats transfer their retirement funds abroad. However, the rules saw reform in order to tackle tax evasion.
Mr Gray announced that some programmes had been disqualified since they allowed expatriates to join, while there was no formal rule about it.
De-listing for schemes based in Guernsey means that expats may see difficulties in getting pension transfers from Britian—for instance, when a new worker moves from the UK to the island.
Mr Gray said HMRC was willing to reconsider these schemes following negotiations with the Income Tax Office. The government had been working hard to uphold the QROPS status of domestic Guernsey programmes, said Mr Gray.
Mr Gray said he was delighted to see the HMRC recognise the arguments that he and him team had made. Talks with HMRC regarding Guernsey schemes are ongoing, he said. The pension schemes affect members who live in other Crown Dependencies as well as other parts of QROPS.
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