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06 October 2015
Overseas pensions and HMRC approval
As tax advisers we do not give pensions advice – we leave it to those who are regulated. Nevertheless we get asked about the tax aspects of pensions. Often questions are straightforward but sometimes we are approached for advice by clients who are considering participation in an overseas pension that offers unexpectedly generous tax advantages. There are legitimate reasons for a UK individual to have an overseas pension but some arrangements are ineffective or at worst scams.
HMRC’s practice of approving overseas schemes as qualifying registered overseas pension schemes (QROPS) did not help. People felt safe in transferring their pensions into an HMRC approved vehicle. Some providers undoubtedly used the cover of this approval to draw unsuspecting investors into arrangements that ultimately caused them huge tax and financial problems.
The Revenue...
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