ARTICLE · 07 FEBRUARY 2012

The QROPS Qnundrum

Thomas Eggar

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Happy new year to you, my dear readers. I hope you had a great Christmas - or 'Winter Festival' as our politically correct friends would have us call it (and which is exactly why I still call it Christmas).

United KingdomTax

James Quarmby

Originally published January 2012

1. What did HMRC say about QROPS?

Essentially what they are saying is that they support the concept of the QROPS, but they think they are being abused and will therefore introduce more restrictive rules, so that fewer schemes qualify. There are also some changes to the provision of information rules.

2. What is the effect of these new rules?

Many of the most popular jurisdictions for QROPS - Guernsey, Isle of Man, New Zealand, Australia - will no longer be able to offer QROPS post April 2012 unless they radically change their domestic legislation. This means that QROPS in those jurisdictions will cease to qualify after that date.

3. So, what are these changes then?

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