Ten industry views on the Qrops hammer blow
By Mark Battersby, 10 Mar 17
As the week comes to an end in which the Spring Budget slapped a surprise 25% overseas pension transfer charge in particular circumstances, here are the views on what it means from a cross section of the industry.
James Caldwell, chief executive of Aisa Group and OpesFidelio network says:
“It is clear that Qrops will no longer be a viable option for many outside of the EU- with a few exceptions. If you consider previous rule changes and this new announcement, Qrops are now very much a second class option compared to UK pensions.
“We believe this enforces our opinion that anyone outside of the EU, in particular, should only take advice from UK regulated IFAs that work with a local adviser in the country of residence of the client and now the Qrops.
“We have maintained, especially since the new 2015 UK pension rules, that the argument for Qrops in general has been a poor one in most cases. In fact, in 95% of the cases we deal with, leaving a pension in the UK has been the better option for our clients. This rule change enforces the principle that Double Tax Treaties, and not products, decide taxation of pension income.”
