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Stormy seas

Guernsey will fight HMRC’s proposals to curb its QROPS regime, says Peter Niven

20 January 2012

When the proposed UK Finance Bill 2012 was published at the start of December it included draft legislation from Her Majesty’s Revenue and Customs (HMRC) (the Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2012), ?which has quite far-reaching implications for Qualifying Recognised Overseas Pension Schemes (QROPS).

The consultation period on the draft legislation ends on 31 January 2012 and new legislation, if enacted, will take effect from 6 April 2012.

Shock tactics

The timing of the draft legislation and consultation has really come as something of a surprise. This is especially the case considering the introduction of QROPS in Guernsey was the result of long and detailed discussions between our tax officials and HMRC. Indeed, this had enabled HMRC to agree our QROPS product with the fullest knowledge of the island’s pension and tax regi...

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