offshore ifa, expat financial adviser, qualifying recognized overseas pension scheme.

QROPS Update – New HMRC Qualifying List Released

HMRC yesterday published an updated list of registered QROPS which incorporates tax changes surrounding QROPS which came into effect on 6 April.

As expected, the new list confirmed the removal of the vast majority of Guernsey domiciled QROPS. Out of the 313 schemes that were listed previously, only 3 remain on the list now.

Another jurisdiction that was hit hard was New Zealand, which saw around two-thirds of its schemes removed from the qualifying list.

The other large QROPS jurisdiction, the Isle of Man, saw a negligible change in the number of QROPS schemes registered with HMRC.

[As per my previous update, it is important to remember that these changes do not affect people who joined schemes before they were removed from the list. However, if you do have a Guernsey or New Zealand based QROPS, I strongly recommend that you contact your financial adviser for an update if she/he hasn’t already been in touch.]

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