The Overseas Pension comments on the Budget and the final QROPS legislation
David Higgins, Technical Director at The Overseas Pension comments on the Budget and the final QROPS legislation published by HM Revenue & Customs today:
“Today’s budget is good news for the legitimate international pensions industry and in particular QROPS. There has been too much liberal interpretation of the rules across jurisdictions which has resulted in the encashment of pensions which was clearly not the intent when HMRC gave tax relief on contributions. In addition this tightening up of the rules will give clients more comfort and reduce some of the complexity international advisors have faced. At The Overseas Pension we believe pensions are for life and hence these changes fit perfectly with our ethos and those of our clients and their advisers.”
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