UK pensions and QROPS
The advantages of moving funds abroad
Par Christophe Maulny, Anthony & Cie
The Riviera Times, December 2008
In 2006 the British government introduced legislation which represented a major advancement in UK pensions rights for expats. Known as QROPS (qualifying recognised overseas pension schemes), the rulling offers pension fund holders a tax efficient, flexible way of getting their funds out of the country.
Under the Finance Act of 2004, transfers like this were considered “unauthorised” and were heavily taxed at 40%. Today, provided the pension is transferred to a QROPS that has been registered with Her Majesty’s Revenue & Customs, the holder will only incur tax on the part of their pension capital which exceeds the lifetime allowance for a pension fund. There are other key advantages, particularly with relation to inheritance tax, but it is a complex issue. Anthony & Cie have long recognised the benefits, and drawing on their wealth of experience as advisors in international finance, can advice you on a QROPS best suited to your individual needs.
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