Guernsey

Guernsey pension providers consider QROPS complaint

Guernsey pension providers are considering whether or not to lodge a formal complaint against HM Revenue and Customs, one provider said.

It follows a decision by HMRC to cut the number of approved QROPS schemes in the island from 300 to three.

Financial website Citywire has reported members of the Guernsey Association of Pension Providers have been asked to fund a £20,000 appeal.

However, one member said it was not certain a joint appeal would be lodged.

Paul Buckle, group partner at AO Hall Advocates, said due to the sensitivity of Guernsey's wider relationship with the UK, the association was going to consult with lawyers in England to clarify the nature of the objection before going ahead.

He said: "A constructive dialogue with HMRC is far better than possibly making a complaint because I think we have to work with them rather than against them."

Mr Buckle said the Citywire report would do little to improve what was already a challenging situation.

QROPs (Qualified Recognised Overseas Pension Schemes) were introduced in 2006 as a way for British expats to transfer their pensions overseas, but HMRC has recently raised concerns they have been used to avoid tax and called for a crackdown.

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