Daniel McGonigle
When the Chancellor delivered his autumn budget statement last year, it was confirmed that Qualifying Recognised Overseas Pension Schemes (QROPS) would be treated the same as pensions would be dealt with in future under the pending UK “pension freedom” rules. However, overseas pension schemes holding UK tax-relieved savings outside the European Union are now, in fact, prevented from offering “pension freedom” to members after 6th April. This U-turn has meant that owners of a QROPS sited in popular jurisdictions such as Guernsey, the Isle of Man and New Zealand have found themselves in a ‘ring-fenced’ situation and these QROPS must continue to provide an “income for life” on 70% of the subject pension fund.
In this edition of the Private Fund Management Market Insight we cover the following issues:
Recently HM Revenue & Customs (HMRC) sent a ‘legal request letter’ (dated 17th April) to all global providers of Qualifying Recognised Qualifying Overseas Pension Scheme (QROPS). In the letter HMRC asked that a QROPS provider must satisfy itself that it meets the Recognised Overseas Pension Scheme (ROPS) rules. Specifically it asks three questions:
GBP surges after Tory win! Did you take advantage of the sharp rises in the market on the back of the landmark election result? 
In December 2012 the Met Office delivered their report to the DWP on the average winter temperatures of every country within the EEA. It took us a whole year to get sight of a copy of that document, having to use Freedom of Information requests, and it makes for some interesting reading.
From April 6th this year (2015), individuals who do not spend sufficient time in the UK, or have insufficient ties with the UK to be resident there for tax purposes, but who nonetheless own a home in the UK, may now need to pay capital gains tax (CGT) on any gains arising on the eventual sale of the property.
Plenty of news to read currently – some not so good - the loss of life following the German airline going down is extremely distressing; then you have the press going mad over the likes of Jeremy ‘Top Gear’ Clarkson being sacked and even Zayne leaving One Direction – not so interesting or important on the scale of things.
