Guernsey

Guernsey QROPS pensions sector in 'limbo'

Pension providers in Guernsey are in "a state of limbo", according to one of the island's leading finance lawyers.

Last month HMRC changed the rules for QROPS schemes and no longer recommends most of those sold from the island.

Paul Buckle, group partner at AO Hall Advocates, said work was continuing to see if the industry could continue.

QROPS schemes had let British expats transfer their pensions abroad but the rules were changed to prevent them being used to avoid paying tax.

About 200 people are employed in the sector in the island which sells 300 schemes, only three of which are now recommended by HMRC.

Mr Buckle said: "I think there are still possibilities out there, it's just a matter of trying to find some sort of satisfactory compromise."

However, he added: "If you amend legislation to specifically exclude the product that we have come up with as an island, that's not a very good starting point."

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