HMRC
Overseas pensions to be struck off if not locally regulated
The UK is to require overseas pensions to be regulated in the country where they are established in order to be ‘recognised’ by HM Revenue & Customs (HMRC), as it pushes ahead with plans to scrap the 70% ‘income for life’ rule.
Tax & Regulation | 2 Dec 16
UK politicians slam HMRC over lack of tax relief scrutiny
British MPs have criticised HM Revenue & Customs (HMRC) over its lack of scrutiny on whether tax reliefs are being used effectively, raising doubts about plans to digitise its services.
Retirement | 29 Nov 16
HMRC’s planned overhaul will ‘decimate’ Rops market, says IFA
The UK’s plan to abolish the 70% ‘income for life’ rule on recognised overseas pension schemes (Rops) will “decimate” the market for such products, according to the head of expat-focused IFA firm, Montfort International.
Offshore Bonds | 23 Nov 16
HMRC rules out replacing 5% tax withdrawals on offshore bonds
HM Revenue & Customs has confirmed that it will allow policyholders to correct ‘unfair’ tax bills resulting from ‘mistaken’ withdrawals of life policies, opting to keep the current 5% tax free allowance on offshore bonds.
Tax & Regulation | 21 Nov 16
Film scheme investors to be hit by big tax bill, says HMRC
HM Revenue & Customs (HMRC) has told tax advisers that it will issue payment demands to investors in the Eclipse Film Partnership schemes at levels potentially 10 times higher than their original investment.