Archive for 'QROPS'
Double Taxation For Isle Of Man QROPS
Posted on 06. May, 2008 by mike.
We have discovered that investors who take out an Isle of Man-based QROPS with a view to reducing inheritance tax by up to 70% on death may have to pay two lots of income tax on their pension withdrawals.
Under current legislation, scheme members could be subject to an 18% tax charge on withdrawals, in addition to paying income tax in their host country.
All of which makes us wonder why anyone would consider an IOM QROPS in the first place?
Firms marketing IOM QROPS are hoping the Isle of Man treasury will lower its tax charge for scheme members who are already paying pension income tax in their host country as The Island has applied this principal for its own ex-pats.
Frankly we don’t think “hope” is a good basis for planning!
Further information on our QROPS Services.
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Caution urged over Irish scheme transfers
Posted on 26. Mar, 2008 by mike.
Pension scheme trustees considering moving a scheme to Ireland are being urged to be cautious.
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Qualifying Recognised Overseas Pension Schemes – QROPS
Posted on 26. Mar, 2008 by mike.
What is Free My Pension? and how can I transfer my pension overseas?
If you live overseas you are entitled to move your pension with you and whilst it has always been possible to transfer and or take pension benefits abroad, under pension simplification in April 2006 this became very much easier.
Why leave your funds in the UK?
In the UK the earliest that you can draw on your pension benefits is age 50 (unless you are in a special occupation or are able to claim early retirement through ill health) and this is soon to increase to age 55.
See below for further information on how we can free your pension…
* Funds left in UK
* Living Overseas
* Why transfer your pension
* Direct Benefit Comparison
* FREE – No obligation report!
