QROPS Singapore Loses Approved Status From HMRC
HMRC has stunned offshore pension providers by removing approved status from all Singapore based
QROPS.
Although no reason has been given the Singapore authorities take is that HMRC simply do not understand the Singapore tax regime.
Another possibility of course is that HMRC considers the spirit of the concession is being abused, with some schemes allegedly “winding up and paying out” once the five years reporting period has expired.
No doubt there will be an appeal and regardless of which way that goes it is clear that Singapore based QROPS will continue to come under the watchful eye of HMRC, who will, as we have always acknowledged, seek out and close down abuses.
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Comments
No comments yet.
Leave a comment