Top 10 Europe stories of 2017
By Tom Carnegie, 22 Dec 17
The arrest of a Gibraltar based financial chief executive, the EU tax haven blacklist and expats angry at Brexit were among the top stories driving the agenda in 2017. To see the others, click through the slides.
Shock was the operative word when chancellor Philip Hammond unveiled the 25% charge on Qrops during his Spring Budget in March.
The charge was rolled out in a bid to “tackle abuse of foreign pension schemes”, Hammond said. It applies to pensions transferred outside of the European Economic Area to countries in which the pension owner will not reside.
However, if the transfer is made to Australia, for example, and the person retires there and lives in the country for at least five years – the charge will not apply.
If the retiree decides to move from Australia to New Zealand after four years, they would then become liable to pay the 25% of the initial transfer value to HM Revenue & Customs.
At the time of the announcement, industry observers were worried that it could spell the end of the Qrops market. To read the full story click here.
