2012 Updates:
As a result of Q-Day that came into affect on 6th April 2012 a number of new regulations have been put in place by HMRC.
In summary the main points to be aware of are:-
1) New Zealand QROPS will be restricted on providing lump sum access above 25%.
2) All QROPS must now have a system to tax both residents and non-residents equally.
3)Guernsey QROPS are no longer open to non-Guernsey residents. No new
transfers are accepted. This decision by HMRC will not have any negative
consequence for anyone that currently has a QROPS in Guernsey as at the
point of transfer the schemes were recognised as Qualified Recognised
Overseas Pension.
A full overview and explanation of the new proposal can be found HERE
4) Lifetime Allowance Limits
- Lifetime Allowance Limit is to be reduced from GBP 1.8m to GBP 1.5m.
Any amount over your lifetime allowance taken as a lump sum is taxable at 55 per cent.
Any amount over your lifetime allowance taken as a pension is taxable at 25 per cent.
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