Singapore moves on QROPS
Posted on 16. Jun, 2009 by admin in Pensions
After seeing negotiations with HMRC go nowhere, Equity Trust, which established in a joint venture with Clariden Leu, part of Credit Suisse, has instructed counsel to begin legal proceedings in order to have Singapore reinstated as a fully QROPS approved jurisdiction.
The future of policyholders pension funds has been jeopardised by the possibility of a 55% tax charge because of the removal of qualifying status by HMRC.
Whether this is sabre rattling or whether it is a legitimate hurry up tactic we have yet to discover, however, our views are that it would be unfortunate to consider a jurisdiction taht has less than cordial relations with HMRC.
