There has so far been no explanation from the Revenue as to why the schemes have been removed, although early analysis suggests the schemes may be those which have been registered after 6 April 2012.
There has also been some suggestion that the decision is linked to the conclusion of the ROSIIP court case from which HMRC withdrew a fortnight ago. During the case, HMRC admitted it is conducting a “high level” review into the international pension schemes.
Nigel Green, founder and chief executive of international advisory firm deVere, said: “It would appear that HMRC has removed these QROPS from its recognised list whilst a review of them is carried out.
“It is likely that the decision to remove and review these schemes is a precautionary measure. HMRC was recently forced to abandon its legal case against investors in the ROSIIP QROPS who had presented a legal challenge to the tax agency’s decision to charge them 55 per cent tax on their pensions after the QROPS had been suddenly delisted.”
More to follow…
