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.
Claire Carey, partner at Sackers, says:
“The Government’s objective in making these changes is to promote “fairness in the tax system”, as pensions transferred overseas have already benefitted from UK tax relief.
It is also estimated to gain in the region of £60-£65m annually for the Treasury over the next few tax years from this measure.
“The Government’s figures suggest that there are between 10,000 and 20,000 transfers to Qrops a year, and that this number fell dramatically in the 2015/16 tax year. Requests for transfers to Qrops may well drop further as a result of the Government’s new measures.”
