Last month, Guernsey saw all of its QROPS schemes, including those for local residents, wiped from HMRC’s list of registered schemes. It is now widely accepted that HMRC took this action to intentionally stop the large and growing international QROPS business in the jurisdiction.
However, while three schemes were left on the list, HMRC was seen by some as being overly heavy handed when it removed a number of schemes which appeared to be clearly used only by Guernsey residents and their employers, including the island’s government QROPS.
Sources familiar with the situation, said a meeting which took place a fortnight ago between the Guernsey Income Tax office and HMRC however, had moved the island a step closer to seeing QROPS status reinstated for these domestic schemes.
