QROPS International
QROPS offshore pension providers and advisors are steeling themselves for an attack from the UK tax man over dodgy schemes when a threatened appeal case is buried.
HM Income and Customs is assured about winning an appeal mounted by Equity Trust to try to overturn a High Court governing that their Singapore QROPS scheme was illegal.
Suppliers and counsellors expect HMRC is prepared to tidy up the activity of a number of other Qualifying Recognised Overseas Pension Schemes jurisdictions suspected of breaking or severely bending the guidelines as well - once the dust has settled on the appeal and the tax man knows any enforcement action is backed in law.
HMRC is keeping quiet about ambitions, but industry insiders say the tax man will not allow any new HK QROPS schemes after taking contemporary action to plug a tax loophole.
Bed-and-breakfast QROPS
Next on the list are 'smash and grab ' or bed and breakfast ' QROPS pension schemes promoted in some fiscal jurisdictions that permit backers switch their money from the United Kingdom or another qrops pension, and wash the money thru for nearly fast withdrawal.
Advisors and QROPS providers are charging huge costs for this 'facility ', which goes against the spirit of QROPS transfer rules.
The problem for expats wanting to transfer their UK retirement funds in to a QROPS is picking a trustworthy and tough scheme that fulfills the rules - going with one the does not can suggest a fine of 55% or more of the value of any annuity investment.
Many counsellors are puzzled by the QROPS list released by HMRC every month that list around 2,500 offshore allowance schemes.
This list doesn't endorse or approve any QROPS scheme, but just records the scheme directors have self-certify their annuity meets QROPS rules.
International Qualifying Recognised Overseas Pension Schemes regulator
This is the difficulty for real financiers and providers - HMRC can close a scheme at any point and without any warning and no one can tell if the supplier complied with the guidelines.
A movement in policy is required that gives the Qualifying Recognised Overseas Pension Schemes industry a worldwide regulatory body accepted by HMRC that sets a quantity of compliance and service that any credible scheme should meet.
Then, speculators would feel safe, particularly if the scheme involved some sort of bond or client money protection scheme.
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