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al007

QROPS Substantial Changes

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Posted (edited)

As many know the UK Chancellor in his March statement imposed an immediate tax of 25% on many transferring their pensions outside the UK and into QROPS, there are some exceptions

 

I believe it might still be better to take this hit  of 25% sooner rather than later, and free the fund from Uk taxes totally and legally, so long as you remain outside the UK

 

There has for a long time been talk of removing the personal allowance for non residents, and this would effectively substantially increase the amount of tax paid by non residents on a pension from the UK, there is no way on funds in the UK to shelter tax regardless on where you live

 

What is less known is that on March 16 2017 legislation was passed in the UK allowing flexible drawdown for overseas QROPS, effectively abolishing the 70% rule, effective April 6 2017

 

http://www.legislation.gov.uk/uksi/2017/398/pdfs/uksi_20170398_en.pdf

 

I can only talk about Gibraltar but I understand they are currently in the process of amending their legislation to allow this to happen, there is talk of a possible higher tax than the 2.5% imposed on pension withdrawals, for amounts taken from drawdown

 

Each scheme will also need to amend its rules, and change or amend trust deeds, In Gibraltar I would expect all this to be completed by around the end of April earlier with some good luck

Edited by al007
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Remove the personal limit for what reason?  we have worked all our lives and paid into the system. Disgusting.

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Posted (edited)
On 3/18/2017 at 9:34 PM, al007 said:

Life is not always fair

 

the Uk chancellor has to raise money without loosing votes

 

Most expats do not vote I do with a postal vote

 

Pensions especially QROPS are an easy target

 

So all I say is do not be scared by current legislation if you believe you are gone for good maybe get your assets out even at a price

 

Just for the record I have two cancers I do not believe that is either fair or unfair but I need to face reality

 

I consider I am a lucky man, but we make our own luck, I bit the bullet when QROPS were closed off in guernsey, I was in Gibraltar within two weeks, the writing was on the wall. I escaped 

 

do not moan do something about it

 

I find the negative side of TV and the  TV moderation difficult, I have had a fantastic amount of support from Sheryl on the medical part

 

I am thinking of quitting TV but believe I can add and help many

 

I unlike many try to give back some of what I have received

 

If you read this and agree please give a like.

 

I have kept a copy of this post

Thank you for your post and i wish you every blessing for a recovery

 

I have an NHS pension which starts next year hence I am keeping my eyes open for any changes but I accept my old age pension will be 'frozen'

 

As for TV I have the same difficulties you have and have just come back from a 5 day ban but I can say no more about my feeling on the justification of that or I'll be off again  :smile:  but I am cutting back my postings on certain topics

 

stay well and thank you for your response  

Edited by Ron19
Reference to moderation has been removed
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22 hours ago, LannaGuy said:

Remove the personal limit for what reason?  we have worked all our lives and paid into the system. Disgusting.

 

 

With you 100 percent,,..Disgusting....

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Posted (edited)
On 3/18/2017 at 9:34 PM, al007 said:

Life is not always fair

 

the Uk chancellor has to raise money without loosing votes

 

Most expats do not vote I do with a postal vote

 

Pensions especially QROPS are an easy target

 

So all I say is do not be scared by current legislation if you believe you are gone for good maybe get your assets out even at a price

 

Just for the record I have two cancers I do not believe that is either fair or unfair but I need to face reality

 

I consider I am a lucky man, but we make our own luck, I bit the bullet when QROPS were closed off in guernsey, I was in Gibraltar within two weeks, the writing was on the wall. I escaped 

 

do not moan do something about it

 

I find the negative side of TV and the  TV moderation difficult, I have had a fantastic amount of support from Sheryl on the medical part

 

I am thinking of quitting TV but believe I can add and help many

 

I unlike many try to give back some of what I have received

 

If you read this and agree please give a like.

 

I have kept a copy of this post.

 

 

Kind of Sheryl to give you support on the medical side....

 

hope all goes well....

 

wish you luck....

Edited by Ron19
The reference to moderation has been removed

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You had a QROP in Guernsey and moved to Gib? What on earth for? You would have been better staying as you were, surely. Former Guernsey based QROP,s have no particular disadvantage vs other QROP,s  and even, in certain circumstances, have some advantages.

 

 

 

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29 minutes ago, wordchild said:

You had a QROP in Guernsey and moved to Gib? What on earth for? You would have been better staying as you were, surely. Former Guernsey based QROP,s have no particular disadvantage vs other QROP,s  and even, in certain circumstances, have some advantages.

 

 

 

Not quite correct, i was about to transfer from a Uk SIPP to a Guernsey QROPS, I also had a house in Guernsey, however just days before the transfer QROPS in Guernsey were delisted, so I found another home that also allowed the Interactive Brokers platform, hence I went to Gibraltar, Malta was no good because my pension would have been taxed at a comparatively high rate in Gibraltar it is only taxed at 2.5%

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Today there is more press comment on the UK chancellor attacking pensions, to fill his budget hole

 

 

 http://www.internationalinvestment.net/other/uk-pensions-raid-foreseen-chancellor-looks-plug-budget-hole/

 

Fair or unfair that is irrelevant, not fair but still irrelevant

 

There is also less static in the UK if he attacks those living outside the UK

 

So all I am suggesting, if you are permanently gone from the UK, even at a cost like 25% that today sounds bad  if possible cut your ties and the chancellors ability to tax you, an old saying first loss best loss

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On 18/03/2017 at 6:00 PM, LannaGuy said:

Remove the personal limit for what reason?  we have worked all our lives and paid into the system. Disgusting.

To give them more revenue for taxes.

As a non resident you are unlikely to vote and hence an easy target.

The right to a State Pension while non-resident is also a vulnerable target.

The country needs more taxes with all the immigration and Brexit and to keep 650 expenses cheats in the lower house  and 760 old 'uns groaning about their gout in the  upper one claiming £100s per day.

 

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Every day I read information that makes me so happy I got my pension out of the UK five years ago

 

Now I read in the telegraph more possible doom for UK pensioners who may have their benefits cut more from private sector schemes

 

http://www.telegraph.co.uk/pensions-retirement/news/minister-softens-11-million-workers-pensions-blow/?WT.mc_id=e_DM386532&WT.tsrc=email&etype=Edi_Pfi_New_Mon&utm_source=email&utm_medium=Edi_Pfi_New_Mon_2017_03_22&utm_campaign=DM386532

 

For the record I am fully retired and in no way interested in or looking for pensions business, i write on this topic because I have strong views

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There is I believe a lot of scaremongering going on at the moment on QROPS, I very much believe it will all sort itself out, however that is only my personal opinion

 

The attached article says approval for all schemes will be withdrawn on April  14 and a few days later a new list be issued on April 18

 

 

http://www.internationalinvestment.net/products/hmrc-rops-list-will-suspended-14-april/?utm_source=Adestra&utm_medium=email&utm_term=&utm_content=&utm_campaign=Daily Auto - Manual subject line&utm_campaignid=2498&utm_cmdid=70131

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Seems that Gibraltar is, in fact, on track for full compliance by the deadline date:

 

http://www.international-adviser.com/news/1034944/gibraltar-names-date-qrops-test-regulations-live

Gibraltar’s government has revealed that it will put in place personal pension regulations "on or before 31 March", enabling the jurisdiction’s Qrops to retain their status.

 

Seeing is believing, of course, but sounds like good news for those of us with Gibraltar based Qrops schemes. However, the devil will be in the detail, particularly with reference to the level of tax to be applied to flexi drawdowns. Plus, of course, subsequent confirmation that the connected schemes make the appropriate internal changes in good time.

 

 

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